Fortis’ (FTS) “Buy” Rating Reaffirmed at BMO Capital Markets

BMO Capital Markets reissued their buy rating on shares of Fortis (NYSE:FTS) in a research report report published on Tuesday, AnalystRatings.com reports. They currently have a $50.00 price target on the utilities provider’s stock.

Several other equities analysts also recently weighed in on FTS. Zacks Investment Research downgraded Fortis from a hold rating to a sell rating in a research report on Wednesday, March 27th. National Bank Financial reissued a hold rating on shares of Fortis in a research report on Tuesday, January 29th. Royal Bank of Canada reissued an average rating and set a $53.00 price objective on shares of Fortis in a research report on Tuesday, February 19th. ValuEngine downgraded Fortis from a buy rating to a hold rating in a research report on Wednesday, January 2nd. Finally, UBS Group reissued a buy rating on shares of Fortis in a research report on Saturday, February 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $51.50.

NYSE FTS opened at $37.31 on Tuesday. The stock has a market capitalization of $16.19 billion, a price-to-earnings ratio of 19.53, a PEG ratio of 3.88 and a beta of 0.23. The company has a debt-to-equity ratio of 1.40, a current ratio of 0.77 and a quick ratio of 0.67. Fortis has a 1-year low of $30.88 and a 1-year high of $37.75.

Fortis (NYSE:FTS) last released its earnings results on Friday, February 15th. The utilities provider reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.61 by ($0.19). The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.50 billion. Fortis had a net margin of 13.13% and a return on equity of 6.43%. During the same period in the prior year, the firm earned $0.58 earnings per share. On average, sell-side analysts forecast that Fortis will post 1.99 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Friday, May 17th will be given a dividend of $0.343 per share. The ex-dividend date is Thursday, May 16th. This is an increase from Fortis’s previous quarterly dividend of $0.34. This represents a $1.37 dividend on an annualized basis and a dividend yield of 3.68%. Fortis’s payout ratio is currently 71.20%.

Several institutional investors have recently made changes to their positions in FTS. GQG Partners LLC acquired a new position in Fortis in the fourth quarter valued at approximately $152,884,000. Norges Bank acquired a new position in Fortis in the fourth quarter valued at approximately $136,106,000. Nordea Investment Management AB acquired a new position in Fortis in the third quarter valued at approximately $90,426,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Fortis by 418.1% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,217,805 shares of the utilities provider’s stock valued at $73,900,000 after purchasing an additional 1,789,760 shares in the last quarter. Finally, Morgan Stanley boosted its holdings in Fortis by 7.7% in the third quarter. Morgan Stanley now owns 13,240,227 shares of the utilities provider’s stock valued at $429,249,000 after purchasing an additional 949,811 shares in the last quarter. 52.41% of the stock is owned by institutional investors and hedge funds.

About Fortis

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 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.

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Analyst Recommendations for Fortis (NYSE:FTS)

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