Fortis (NYSE:FTS) Lowered to “Hold” at ValuEngine

ValuEngine lowered shares of Fortis (NYSE:FTS) from a buy rating to a hold rating in a research report sent to investors on Thursday morning, ValuEngine reports.

Other equities research analysts have also issued reports about the stock. UBS Group reissued a buy rating on shares of Fortis in a research note on Friday, June 7th. Raymond James lowered shares of Fortis from an outperform rating to a market perform rating in a research note on Tuesday, April 23rd. BMO Capital Markets reissued a buy rating and set a $50.00 target price on shares of Fortis in a research note on Tuesday, April 16th. Bank of America set a $54.00 target price on shares of Fortis and gave the stock a buy rating in a research note on Thursday, May 2nd. Finally, Veritas Investment Research lowered shares of Fortis from a buy rating to a sell rating in a research note on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $51.20.

Shares of FTS stock traded down $0.11 during mid-day trading on Thursday, hitting $39.62. 353,329 shares of the stock were exchanged, compared to its average volume of 311,833. The stock’s fifty day moving average price is $39.61. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.62 and a current ratio of 0.70. Fortis has a 52-week low of $31.37 and a 52-week high of $40.47. The company has a market capitalization of $17.27 billion, a P/E ratio of 20.74, a PEG ratio of 3.98 and a beta of 0.18.

Fortis (NYSE:FTS) last posted its earnings results on Friday, August 2nd. The utilities provider reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.11. Fortis had a net margin of 12.61% and a return on equity of 6.44%. The business had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period in the prior year, the company posted $0.57 EPS. On average, equities research analysts anticipate that Fortis will post 1.95 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Tuesday, August 20th will be given a dividend of $0.344 per share. This represents a $1.38 annualized dividend and a dividend yield of 3.47%. The ex-dividend date is Monday, August 19th. This is an increase from Fortis’s previous quarterly dividend of $0.34. Fortis’s dividend payout ratio is 70.16%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in FTS. Dimensional Fund Advisors LP raised its position in shares of Fortis by 10.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 114,796 shares of the utilities provider’s stock worth $3,829,000 after purchasing an additional 10,501 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Fortis by 30.3% during the 4th quarter. Geode Capital Management LLC now owns 574,829 shares of the utilities provider’s stock worth $19,790,000 after purchasing an additional 133,548 shares during the last quarter. Millennium Management LLC raised its position in shares of Fortis by 119.1% during the 4th quarter. Millennium Management LLC now owns 40,980 shares of the utilities provider’s stock worth $1,367,000 after purchasing an additional 22,273 shares during the last quarter. Cardinal Capital Management Inc. raised its position in shares of Fortis by 3.1% during the 1st quarter. Cardinal Capital Management Inc. now owns 12,350 shares of the utilities provider’s stock worth $456,000 after purchasing an additional 375 shares during the last quarter. Finally, Ferguson Wellman Capital Management Inc. raised its position in shares of Fortis by 2.4% during the 1st quarter. Ferguson Wellman Capital Management Inc. now owns 239,805 shares of the utilities provider’s stock worth $8,870,000 after purchasing an additional 5,720 shares during the last quarter. Hedge funds and other institutional investors own 51.54% of the company’s stock.

Fortis Company Profile

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.

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