Fortis (NYSE:FTS) Receives $72.00 Consensus Price Target from Analysts

Fortis (NYSE:FTS) has earned an average recommendation of “Moderate Buy” from the ten research firms that are covering the company, Marketbeat.com reports. Five analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $72.00.

A number of research analysts recently issued reports on FTS shares. BMO Capital Markets reiterated a “market perform” rating on shares of Fortis in a research note on Friday, February 13th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Fortis in a research report on Friday, February 13th. TD Securities restated a “buy” rating on shares of Fortis in a report on Tuesday, February 17th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortis in a research report on Thursday, January 22nd. Finally, Wall Street Zen upgraded shares of Fortis from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th.

Fortis Price Performance

Shares of NYSE FTS opened at $57.83 on Monday. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.51 and a quick ratio of 0.42. The company has a market cap of $29.34 billion, a price-to-earnings ratio of 23.70, a price-to-earnings-growth ratio of 4.40 and a beta of 0.49. The stock’s 50-day moving average is $54.10 and its two-hundred day moving average is $51.93. Fortis has a 1-year low of $43.28 and a 1-year high of $57.93.

Fortis (NYSE:FTS) last announced its quarterly earnings data on Thursday, February 12th. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.03. Fortis had a return on equity of 7.24% and a net margin of 14.24%.The business had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter last year, the business posted $0.83 EPS. Analysts forecast that Fortis will post 2.35 EPS for the current fiscal year.

Fortis Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 15th will be given a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend is Friday, May 15th. Fortis’s dividend payout ratio is currently 77.05%.

Institutional Investors Weigh In On Fortis

Hedge funds and other institutional investors have recently made changes to their positions in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Fortis in the fourth quarter valued at approximately $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its holdings in Fortis by 157.4% during the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider’s stock worth $36,000 after purchasing an additional 428 shares in the last quarter. Larson Financial Group LLC raised its holdings in Fortis by 123.9% during the third quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider’s stock worth $37,000 after purchasing an additional 409 shares in the last quarter. LOM Asset Management Ltd purchased a new stake in shares of Fortis during the 4th quarter worth approximately $43,000. Finally, Smartleaf Asset Management LLC lifted its position in shares of Fortis by 2,119.1% during the 2nd quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider’s stock worth $49,000 after buying an additional 996 shares during the last quarter. Institutional investors and hedge funds own 57.77% of the company’s stock.

About Fortis

Fortis Inc is a Canadian diversified electric and gas utility holding company headquartered in St. John’s, Newfoundland and Labrador. Through a portfolio of regulated utility subsidiaries, the company develops, owns and operates electricity and natural gas transmission, distribution and generation assets. Fortis serves customers across multiple jurisdictions in Canada, the United States and the Caribbean, focusing on the delivery of safe, reliable energy to residential, commercial and industrial users.

The company’s core activities include operation and maintenance of transmission and distribution networks, ownership of generation facilities, and investment in grid modernization and system resilience.