Cardinal Point Capital Management ULC Has $512,000 Stake in Fortis $FTS

Cardinal Point Capital Management ULC decreased its stake in Fortis (NYSE:FTS) by 9.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,741 shares of the utilities provider’s stock after selling 1,090 shares during the quarter. Cardinal Point Capital Management ULC’s holdings in Fortis were worth $512,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. acquired a new position in Fortis in the first quarter valued at about $28,000. Trust Co. of Toledo NA OH acquired a new position in Fortis in the second quarter valued at about $28,000. Hexagon Capital Partners LLC lifted its stake in Fortis by 111.7% in the first quarter. Hexagon Capital Partners LLC now owns 1,226 shares of the utilities provider’s stock valued at $56,000 after buying an additional 647 shares during the period. Fifth Third Bancorp acquired a new position in Fortis in the second quarter valued at about $65,000. Finally, Golden State Wealth Management LLC increased its holdings in shares of Fortis by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,828 shares of the utilities provider’s stock worth $83,000 after acquiring an additional 914 shares in the last quarter. Institutional investors and hedge funds own 57.77% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on FTS. Cibc World Mkts upgraded Fortis from a “hold” rating to a “strong-buy” rating in a report on Monday, July 21st. National Bankshares restated a “sector perform” rating on shares of Fortis in a report on Tuesday, August 5th. Desjardins upgraded Fortis from a “hold” rating to a “buy” rating in a report on Tuesday, August 5th. TD Securities reiterated a “buy” rating on shares of Fortis in a report on Tuesday, August 5th. Finally, Raymond James Financial reiterated an “outperform” rating on shares of Fortis in a report on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.00.

Fortis Stock Down 0.5%

NYSE:FTS opened at $51.42 on Friday. The stock has a 50-day simple moving average of $50.14 and a 200 day simple moving average of $48.77. Fortis has a 52-week low of $40.32 and a 52-week high of $52.47. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.47 and a current ratio of 0.58. The company has a market cap of $25.99 billion, a PE ratio of 21.16, a PEG ratio of 4.04 and a beta of 0.50.

Fortis (NYSE:FTS) last issued its quarterly earnings results on Friday, August 1st. The utilities provider reported $0.55 EPS for the quarter, beating the consensus estimate of $0.51 by $0.04. Fortis had a return on equity of 7.24% and a net margin of 14.48%.The firm had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $1.91 billion. During the same period in the prior year, the firm posted $0.67 earnings per share. On average, sell-side analysts expect that Fortis will post 2.35 EPS for the current fiscal year.

Fortis Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Tuesday, August 19th were given a dividend of $0.4448 per share. This represents a $1.78 annualized dividend and a yield of 3.5%. This is a boost from Fortis’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend was Tuesday, August 19th. Fortis’s payout ratio is currently 72.84%.

Fortis Profile

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.