Fortis $FTS Position Boosted by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA boosted its holdings in shares of Fortis (NYSE:FTS) by 7.0% in the third quarter, according to its most recent filing with the SEC. The firm owned 330,465 shares of the utilities provider’s stock after acquiring an additional 21,729 shares during the period. Pictet Asset Management Holding SA’s holdings in Fortis were worth $17,497,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Royal Bank of Canada increased its position in shares of Fortis by 4.6% in the 1st quarter. Royal Bank of Canada now owns 35,241,451 shares of the utilities provider’s stock valued at $1,966,121,000 after buying an additional 1,557,443 shares in the last quarter. TD Waterhouse Canada Inc. lifted its stake in Fortis by 1.4% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 9,436,026 shares of the utilities provider’s stock valued at $535,234,000 after acquiring an additional 129,466 shares in the last quarter. Cibc World Market Inc. bought a new stake in shares of Fortis in the second quarter worth $442,633,000. Legal & General Group Plc acquired a new position in shares of Fortis during the 2nd quarter worth about $334,727,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Fortis during the second quarter valued at approximately $311,146,000. 57.77% of the stock is owned by institutional investors.

Fortis Trading Up 0.2%

NYSE FTS opened at $59.17 on Friday. The business has a 50 day simple moving average of $55.61 and a 200 day simple moving average of $56.21. The stock has a market capitalization of $30.52 billion, a P/E ratio of 23.29 and a beta of 0.42. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.69 and a quick ratio of 0.61. 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 results on Tuesday, November 3rd. The utilities provider reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.03. Fortis had a return on equity of 7.37% and a net margin of 14.66%. The business had revenue of $2.12 billion for the quarter, compared to the consensus estimate of $2.27 billion. Research analysts expect that Fortis will post 2.58 earnings per share for the current year.

Fortis Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, November 17th will be paid a dividend of C$0.67 per share. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date is Tuesday, November 17th. This is a positive change from Fortis’s previous quarterly dividend of C$0.64. Fortis’s dividend payout ratio (DPR) is presently 71.65%.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Raymond James Financial cut Fortis from a “moderate buy” rating to a “hold” rating in a report on Wednesday, November 4th. TD Securities reissued a “buy” rating on shares of Fortis in a report on Tuesday, August 4th. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Fortis in a report on Wednesday, October 28th. Wolfe Research set a $50.00 price objective on shares of Fortis in a research note on Tuesday, August 4th. Finally, BMO Capital Markets reissued a “market perform” rating on shares of Fortis in a research note on Monday, August 3rd. 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.com, the stock has a consensus rating of “Hold” and an average price target of $66.67.

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. states including Arizona and New York.