Fortis Inc. (FTS) Given Average Recommendation of “Hold” by Analysts
Fortis Inc. (NYSE:FTS) has been assigned a consensus recommendation of “Hold” from the seven research firms that are currently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $37.00.
A number of research firms have weighed in on FTS. CIBC cut Fortis from an “outperform” rating to a “neutral” rating in a report on Thursday, August 3rd. Zacks Investment Research cut Fortis from a “buy” rating to a “hold” rating in a report on Thursday, October 19th.
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Several institutional investors have recently added to or reduced their stakes in FTS. Duff & Phelps Investment Management Co. purchased a new position in shares of Fortis during the 3rd quarter valued at approximately $39,636,000. FMR LLC boosted its stake in shares of Fortis by 11.8% during the 2nd quarter. FMR LLC now owns 10,358,373 shares of the utilities provider’s stock valued at $364,077,000 after buying an additional 1,090,988 shares during the last quarter. CIBC Asset Management Inc boosted its stake in shares of Fortis by 21.8% during the 2nd quarter. CIBC Asset Management Inc now owns 5,425,532 shares of the utilities provider’s stock valued at $190,477,000 after buying an additional 971,742 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Fortis by 51.1% during the 2nd quarter. Franklin Resources Inc. now owns 2,714,989 shares of the utilities provider’s stock valued at $95,467,000 after buying an additional 918,369 shares during the last quarter. Finally, Montrusco Bolton Investments Inc. boosted its stake in shares of Fortis by 74.3% during the 3rd quarter. Montrusco Bolton Investments Inc. now owns 1,654,795 shares of the utilities provider’s stock valued at $59,251,000 after buying an additional 705,657 shares during the last quarter. Institutional investors own 52.80% of the company’s stock.
Fortis (NYSE:FTS) traded down $0.25 during midday trading on Friday, reaching $37.70. The company’s stock had a trading volume of 98,600 shares, compared to its average volume of 208,363. The stock has a market cap of $15,815.15 and a PE ratio of 19.33. Fortis has a 52-week low of $29.14 and a 52-week high of $38.06. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.42 and a current ratio of 0.52.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Monday, November 20th will be paid a dividend of $0.3396 per share. This is a boost from Fortis’s previous quarterly dividend of $0.32. This represents a $1.36 annualized dividend and a dividend yield of 3.60%. The ex-dividend date is Friday, November 17th. Fortis’s dividend payout ratio is 67.54%.
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 420,000 retail customers in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail customers in Arizonas Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.
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