Fortis (NYSE:FTS) Cut to “Hold” at Raymond James Financial

Raymond James Financial downgraded shares of Fortis (NYSE:FTS) from a moderate buy rating to a hold rating in a research note released on Wednesday morning,Zacks reports.

A number of other equities analysts also recently issued reports on the stock. Scotiabank reiterated a “sector perform” rating on shares of Fortis in a research note on Tuesday, August 4th. TD Securities reaffirmed a “buy” rating on shares of Fortis in a research report on Tuesday, August 4th. Royal Bank Of Canada lifted their price target on Fortis from $80.00 to $89.00 and gave the company a “sector perform” rating in a report on Monday, August 3rd. Wolfe Research set a $50.00 price target on Fortis in a research report on Tuesday, August 4th. Finally, Barclays reduced their price target on Fortis from $60.00 to $56.00 and set an “overweight” rating for the company in a research report on Tuesday, September 29th. Two research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $66.67.

Fortis Stock Down 1.8%

Shares of FTS stock traded down $1.08 on Wednesday, hitting $60.09. The stock had a trading volume of 1,392,781 shares, compared to its average volume of 1,000,038. The company has a quick ratio of 0.47, a current ratio of 0.56 and a debt-to-equity ratio of 1.27. The business has a 50 day moving average price of $55.26 and a 200 day moving average price of $56.07. The company has a market cap of $31.00 billion, a PE ratio of 23.66 and a beta of 0.42. Fortis has a one year low of $49.99 and a one year high of $61.71.

Fortis (NYSE:FTS) last issued its earnings results on Tuesday, November 3rd. The utilities provider reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.03. The company had revenue of $2.12 billion for the quarter, compared to analysts’ expectations of $2.27 billion. Fortis had a net margin of 14.17% and a return on equity of 7.16%. Research analysts anticipate that Fortis will post 2.58 earnings per share for the current fiscal year.

Fortis Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, November 17th will be given a C$0.67 dividend. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend is Tuesday, November 17th. This is an increase from Fortis’s previous quarterly dividend of C$0.64. Fortis’s payout ratio is presently 71.65%.

Institutional Investors Weigh In On Fortis

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Russell Investments Group Ltd. increased its position in Fortis by 6.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 204,751 shares of the utilities provider’s stock valued at $10,836,000 after buying an additional 13,147 shares in the last quarter. Maryland State Retirement & Pension System increased its holdings in shares of Fortis by 1.1% during the third quarter. Maryland State Retirement & Pension System now owns 627,970 shares of the utilities provider’s stock valued at $33,163,000 after acquiring an additional 6,624 shares in the last quarter. Ritholtz Wealth Management raised its position in shares of Fortis by 11.2% in the 3rd quarter. Ritholtz Wealth Management now owns 7,865 shares of the utilities provider’s stock valued at $415,000 after purchasing an additional 789 shares during the last quarter. Ethic Inc. raised its position in shares of Fortis by 35.7% in the 3rd quarter. Ethic Inc. now owns 33,636 shares of the utilities provider’s stock valued at $1,777,000 after purchasing an additional 8,855 shares during the last quarter. Finally, Pictet Asset Management Holding SA raised its position in shares of Fortis by 7.0% in the 3rd quarter. Pictet Asset Management Holding SA now owns 330,465 shares of the utilities provider’s stock valued at $17,497,000 after purchasing an additional 21,729 shares during the last quarter. Hedge funds and other institutional investors own 57.77% of the company’s stock.

About Fortis

Fortis Inc is a Canadian utility company that owns and operates regulated electric and natural gas businesses. Its activities include electricity generation, transmission and distribution, as well as natural gas distribution and energy infrastructure services.

The company serves customers across Canada, the United States and the Caribbean through a group of regional utilities. Its operations include electric utilities and natural gas businesses serving communities in provinces such as British Columbia and Newfoundland and Labrador, as well as U.S.