Fortis (NYSE:FTS) Reaches New 12-Month Low at $41.67

Shares of Fortis Inc. (NYSE:FTSGet Rating) hit a new 52-week low during trading on Wednesday . The stock traded as low as $41.67 and last traded at $42.00, with a volume of 33020 shares traded. The stock had previously closed at $41.90.

Analyst Ratings Changes

Several brokerages have recently commented on FTS. Wells Fargo & Company cut shares of Fortis from an “equal weight” rating to an “underweight” rating in a research report on Wednesday, June 1st. UBS Group cut shares of Fortis from a “neutral” rating to a “sell” rating and set a $56.00 target price on the stock. in a report on Thursday, June 30th. Finally, Edward Jones cut shares of Fortis from a “buy” rating to a “hold” rating in a report on Wednesday, July 27th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $59.88.

Fortis Stock Down 0.1 %

The firm’s 50 day simple moving average is $45.61 and its 200 day simple moving average is $47.53. The company has a market cap of $19.97 billion, a price-to-earnings ratio of 20.05, a price-to-earnings-growth ratio of 3.63 and a beta of 0.35. The company has a quick ratio of 0.53, a current ratio of 0.64 and a debt-to-equity ratio of 1.23.

Fortis (NYSE:FTSGet Rating) last posted its quarterly earnings data on Thursday, July 28th. The utilities provider reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.04). The company had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.73 billion. Fortis had a net margin of 12.77% and a return on equity of 6.53%. Sell-side analysts anticipate that Fortis Inc. will post 2.12 EPS for the current fiscal year.

Fortis Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Friday, August 19th were paid a $0.4149 dividend. This represents a $1.66 dividend on an annualized basis and a yield of 3.98%. The ex-dividend date was Thursday, August 18th. Fortis’s dividend payout ratio is 79.33%.

Institutional Investors Weigh In On Fortis

A number of institutional investors have recently modified their holdings of the stock. Steward Partners Investment Advisory LLC raised its holdings in shares of Fortis by 20.3% during the 1st quarter. Steward Partners Investment Advisory LLC now owns 1,521 shares of the utilities provider’s stock valued at $75,000 after purchasing an additional 257 shares in the last quarter. Cigna Investments Inc. New boosted its position in shares of Fortis by 3.7% during the 2nd quarter. Cigna Investments Inc. New now owns 8,846 shares of the utilities provider’s stock valued at $417,000 after acquiring an additional 319 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Fortis by 9.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,569 shares of the utilities provider’s stock valued at $177,000 after acquiring an additional 322 shares in the last quarter. Quadrant Capital Group LLC boosted its position in shares of Fortis by 6.6% during the 2nd quarter. Quadrant Capital Group LLC now owns 5,669 shares of the utilities provider’s stock valued at $268,000 after acquiring an additional 350 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in Fortis by 8.4% in the second quarter. Assenagon Asset Management S.A. now owns 5,065 shares of the utilities provider’s stock valued at $239,000 after buying an additional 393 shares in the last quarter. Institutional investors and hedge funds own 49.38% of the company’s stock.

About Fortis

(Get Rating)

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 438,000 retail customers in southeastern Arizona; and 100,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,485 megawatts (MW), including 53 MW of solar capacity and 252 MV of wind capacity.

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