Fortis (NYSE:FTS) Stock Now Rated “Hold” by Sell-Side Brokerages

Fortis (NYSE:FTS) has received an average rating of “Hold” from the eight brokerages that are presently covering the company, MarketBeat reports. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $65.00.

Several research firms have recently issued reports on FTS. TD Securities reaffirmed a “buy” rating on shares of Fortis in a report on Tuesday, August 4th. Royal Bank Of Canada increased their price target on Fortis from $80.00 to $89.00 and gave the company a “sector perform” rating in a research report on Monday, August 3rd. Barclays dropped their price target on Fortis from $60.00 to $56.00 and set an “overweight” rating on the stock in a report on Tuesday, September 29th. Wolfe Research set a $50.00 price objective on Fortis in a research report on Tuesday, August 4th. Finally, Canadian Imperial Bank of Commerce downgraded Fortis from an “outperform” rating to a “hold” rating in a research note on Friday, July 17th.

Hedge Funds Weigh In On Fortis

A number of hedge funds and other institutional investors have recently made changes to their positions in FTS. Trust Co. of Vermont purchased a new stake in Fortis during the second quarter worth about $26,000. Scarborough Advisors LLC bought a new stake in Fortis in the first quarter worth about $29,000. CoreCap Advisors LLC raised its position in Fortis by 78.4% in the third quarter. CoreCap Advisors LLC now owns 544 shares of the utilities provider’s stock worth $29,000 after acquiring an additional 239 shares during the period. Aberdeen Wealth Management LLC purchased a new position in Fortis in the second quarter valued at about $31,000. Finally, Allworth Financial LP purchased a new position in Fortis in the second quarter valued at about $62,000. 57.77% of the stock is owned by hedge funds and other institutional investors.

Fortis Stock Up 2.0%

Fortis stock opened at $55.76 on Tuesday. Fortis has a fifty-two week low of $49.60 and a fifty-two week high of $59.40. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.47 and a current ratio of 0.56. The firm’s 50-day simple moving average is $54.54 and its 200 day simple moving average is $55.97. The stock has a market cap of $28.76 billion, a PE ratio of 22.57 and a beta of 0.42.

Fortis (NYSE:FTS) last posted its quarterly earnings data on Friday, July 31st. The utilities provider reported $0.56 EPS for the quarter, beating the consensus estimate of $0.55 by $0.01. Fortis had a net margin of 14.17% and a return on equity of 7.16%. The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.83 billion. During the same quarter last year, the business posted $0.76 EPS. Research analysts predict that Fortis will post 2.58 EPS for the current fiscal year.

Fortis Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 19th were paid a dividend of C$0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date was Wednesday, August 19th. Fortis’s payout ratio is presently 73.68%.

Fortis Company Profile

Fortis Inc (NYSE: FTS) is a regulated electric and gas utility holding company headquartered in St. John’s, Newfoundland and Labrador, Canada. Through its operating utilities, the company generates, transmits and distributes electricity and provides natural gas distribution services to residential, commercial and industrial customers.

Fortis operates a portfolio of utility businesses across Canada, the United States and the Caribbean. Its regulated operations include electric utilities in several Canadian provinces, U.S.