Fortis (NYSE:FTS) Reaches New 1-Year High – What’s Next?

Fortis (NYSE:FTS)’s stock price hit a new 52-week high on Wednesday . The company traded as high as $52.89 and last traded at $52.3580, with a volume of 149821 shares traded. The stock had previously closed at $52.40.

Wall Street Analysts Forecast Growth

FTS has been the topic of several research analyst reports. National Bankshares reiterated a “sector perform” rating on shares of Fortis in a research report on Wednesday, November 5th. Scotiabank restated a “sector perform” rating on shares of Fortis in a report on Monday, October 6th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortis in a report on Wednesday, October 8th. BMO Capital Markets reiterated a “market perform” rating on shares of Fortis in a research report on Wednesday, November 5th. Finally, CIBC restated an “outperform” rating on shares of Fortis in a report on Tuesday, October 21st. 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 company’s stock. According to data from MarketBeat, Fortis presently has an average rating of “Moderate Buy” and a consensus price target of $72.00.

Fortis Stock Up 0.1%

The company has a quick ratio of 0.54, a current ratio of 0.66 and a debt-to-equity ratio of 1.32. The firm has a market capitalization of $26.60 billion, a PE ratio of 21.84, a price-to-earnings-growth ratio of 4.72 and a beta of 0.50. The business’s 50-day moving average price is $51.68 and its 200-day moving average price is $50.46.

Fortis (NYSE:FTS) last released its earnings results on Tuesday, November 4th. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.02). The company had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.22 billion. Fortis had a return on equity of 7.05% and a net margin of 14.18%. As a group, equities research analysts predict that Fortis will post 2.35 EPS for the current fiscal year.

Fortis Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Tuesday, February 17th will be given a dividend of $0.64 per share. The ex-dividend date of this dividend is Tuesday, February 17th. This represents a $2.56 dividend on an annualized basis and a yield of 4.9%. Fortis’s dividend payout ratio (DPR) is presently 77.50%.

Institutional Investors Weigh In On Fortis

Hedge funds and other institutional investors have recently made changes to their positions in the company. Signaturefd LLC grew its stake in shares of Fortis by 4.5% in the 4th quarter. Signaturefd LLC now owns 37,562 shares of the utilities provider’s stock valued at $1,951,000 after buying an additional 1,625 shares in the last quarter. J. Safra Sarasin Holding AG lifted its stake in Fortis by 35.3% in the fourth quarter. J. Safra Sarasin Holding AG now owns 6,784 shares of the utilities provider’s stock valued at $353,000 after acquiring an additional 1,771 shares during the last quarter. Mn Services Vermogensbeheer B.V. grew its position in Fortis by 3.0% in the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 193,104 shares of the utilities provider’s stock worth $10,053,000 after acquiring an additional 5,604 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Fortis by 4,662.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 986,548 shares of the utilities provider’s stock worth $51,244,000 after purchasing an additional 965,833 shares during the last quarter. Finally, Value Partners Investments Inc. raised its holdings in shares of Fortis by 1.7% during the 4th quarter. Value Partners Investments Inc. now owns 113,043 shares of the utilities provider’s stock valued at $5,886,000 after purchasing an additional 1,918 shares in the last quarter. 57.77% of the stock is owned by hedge funds and other institutional investors.

Fortis Company Profile

Fortis Inc is a Canadian diversified electric and gas utility holding company headquartered in St. John’s, Newfoundland and Labrador. Through a portfolio of regulated utility subsidiaries, the company develops, owns and operates electricity and natural gas transmission, distribution and generation assets. Fortis serves customers across multiple jurisdictions in Canada, the United States and the Caribbean, focusing on the delivery of safe, reliable energy to residential, commercial and industrial users.

The company’s core activities include operation and maintenance of transmission and distribution networks, ownership of generation facilities, and investment in grid modernization and system resilience.