Fortis (NYSE:FTS) Stock Has Average Price Target of $66.67

Fortis (NYSE:FTS) has received a consensus rating of “Hold” from the eight brokerages that are currently covering the stock, Marketbeat.com reports. Six investment analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $66.67.

Several research firms have recently commented on FTS. Royal Bank Of Canada upped their price objective on shares of Fortis from $80.00 to $89.00 and gave the company a “sector perform” rating in a report on Monday, August 3rd. Weiss Ratings reissued a “buy (b)” rating on shares of Fortis in a report on Thursday, October 15th. Scotiabank restated a “sector perform” rating on shares of Fortis in a research report on Tuesday, August 4th. Barclays downgraded shares of Fortis from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $56.00 to $61.00 in a research report on Friday. Finally, Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Fortis in a report on Wednesday, October 28th.

Fortis Trading Down 1.0%

Fortis stock opened at $59.48 on Friday. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.47 and a current ratio of 0.69. The stock has a market cap of $30.68 billion, a PE ratio of 23.52 and a beta of 0.42. The stock has a 50-day moving average of $55.36 and a two-hundred day moving average of $56.11. Fortis has a one year low of $49.99 and a one year high of $61.71.

Fortis (NYSE:FTS) last posted its quarterly earnings data on Tuesday, November 3rd. The utilities provider reported $0.66 EPS for the quarter, topping the consensus estimate of $0.63 by $0.03. The business had revenue of $2.12 billion during the quarter, compared to the consensus estimate of $2.27 billion. Fortis had a net margin of 14.66% and a return on equity of 7.37%. On average, research analysts anticipate that Fortis will post 2.58 EPS for the current fiscal year.

Fortis Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, November 17th will be issued a C$0.67 dividend. This is a boost from Fortis’s previous quarterly dividend of C$0.64. The ex-dividend date of this dividend is Tuesday, November 17th. This represents a $2.66 annualized dividend and a dividend yield of 4.5%. Fortis’s payout ratio is presently 71.65%.

Hedge Funds Weigh In On Fortis

Several large investors have recently made changes to their positions in the company. Cibc World Market Inc. purchased a new position in shares of Fortis during the 2nd quarter valued at approximately $442,633,000. Legal & General Group Plc acquired a new stake in Fortis in the 2nd quarter valued at $334,727,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Fortis in the 2nd quarter valued at $311,146,000. Bank of Nova Scotia purchased a new stake in Fortis in the 2nd quarter worth $257,370,000. Finally, Canada Pension Plan Investment Board purchased a new stake in Fortis in the 2nd quarter worth $177,656,000. 57.77% of the stock is currently owned by institutional investors and hedge funds.

Fortis Company Profile

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.