Fortis Inc. (FTS) Sees Large Volume Increase
Fortis Inc. (NYSE:FTS) saw unusually-strong trading volume on Thursday . Approximately 1,181,100 shares traded hands during trading, an increase of 546% from the previous session’s volume of 182,842 shares.The stock last traded at $37.74 and had previously closed at $37.25.
Several research analysts have weighed in on FTS shares. Zacks Investment Research lowered shares of Fortis from a “buy” rating to a “hold” rating in a report on Thursday, October 19th. CIBC lowered shares of Fortis from an “outperform” rating to a “neutral” rating in a report on Thursday, August 3rd. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Fortis currently has an average rating of “Hold” and a consensus price target of $38.00.
The firm has a market cap of $15,626.38 and a price-to-earnings ratio of 19.10. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.52 and a quick ratio of 0.43.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Monday, November 20th will be issued a $0.3396 dividend. The ex-dividend date of this dividend is Friday, November 17th. This is a positive change from Fortis’s previous quarterly dividend of $0.32. This represents a $1.36 annualized dividend and a dividend yield of 3.60%. Fortis’s payout ratio is 71.20%.
Several hedge funds and other institutional investors have recently bought and sold shares of FTS. FMR LLC lifted its position in Fortis by 11.8% in the 2nd quarter. FMR LLC now owns 10,358,373 shares of the utilities provider’s stock valued at $364,077,000 after purchasing an additional 1,090,988 shares during the last quarter. Vanguard Group Inc. lifted its position in Fortis by 6.1% in the 2nd quarter. Vanguard Group Inc. now owns 9,359,355 shares of the utilities provider’s stock valued at $328,981,000 after purchasing an additional 538,992 shares during the last quarter. TD Asset Management Inc. lifted its position in Fortis by 4.8% in the 3rd quarter. TD Asset Management Inc. now owns 8,948,948 shares of the utilities provider’s stock valued at $320,420,000 after purchasing an additional 411,348 shares during the last quarter. CIBC Asset Management Inc lifted its position in Fortis by 21.8% in 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 purchasing an additional 971,742 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in Fortis by 1.8% in the 3rd quarter. Legal & General Group Plc now owns 4,554,818 shares of the utilities provider’s stock valued at $163,072,000 after purchasing an additional 79,914 shares during the last quarter. 51.93% of the stock is owned by institutional investors and hedge funds.
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 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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