Shares of Fortis Inc. (NYSE:FTS) saw strong trading volume on Friday . 15,790 shares traded hands during mid-day trading, a decline of 97% from the previous session’s volume of 501,585 shares.The stock last traded at $46.06 and had previously closed at $46.57.
A number of equities analysts recently commented on the stock. Royal Bank of Canada boosted their price objective on shares of Fortis from C$59.00 to C$60.00 and gave the stock a “sector perform” rating in a research note on Monday, November 1st. Scotiabank boosted their price objective on shares of Fortis from C$60.00 to C$61.00 in a research note on Thursday, January 27th. Zacks Investment Research raised shares of Fortis from a “sell” rating to a “hold” rating in a research note on Thursday, January 27th. CIBC lifted their price target on shares of Fortis from C$58.00 to C$61.00 in a report on Tuesday, January 11th. Finally, Wolfe Research lowered shares of Fortis from a “peer perform” rating to an “underperform” rating in a report on Tuesday, October 19th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $58.67.
The firm’s 50-day moving average is $46.84 and its two-hundred day moving average is $45.70. The company has a current ratio of 0.77, a quick ratio of 0.63 and a debt-to-equity ratio of 1.29. The stock has a market cap of $21.99 billion, a price-to-earnings ratio of 22.49, a P/E/G ratio of 3.58 and a beta of 0.30.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 1st. Stockholders of record on Tuesday, February 15th will be given a dividend of $0.4248 per share. This is a boost from Fortis’s previous quarterly dividend of $0.42. This represents a $1.70 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date of this dividend is Monday, February 14th. Fortis’s payout ratio is presently 82.52%.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Fortis by 13.5% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 302,700 shares of the utilities provider’s stock valued at $13,413,000 after acquiring an additional 35,927 shares in the last quarter. Amundi acquired a new stake in Fortis in the second quarter valued at $4,976,000. Citigroup Inc. raised its holdings in shares of Fortis by 81.7% during the third quarter. Citigroup Inc. now owns 283,593 shares of the utilities provider’s stock worth $12,578,000 after purchasing an additional 127,497 shares during the period. Natixis raised its holdings in shares of Fortis by 64.0% during the second quarter. Natixis now owns 69,904 shares of the utilities provider’s stock worth $3,098,000 after purchasing an additional 27,290 shares during the period. Finally, American Century Companies Inc. raised its holdings in shares of Fortis by 6.4% during the third quarter. American Century Companies Inc. now owns 15,521 shares of the utilities provider’s stock worth $689,000 after purchasing an additional 937 shares during the period. 47.76% of the stock is currently owned by hedge funds and other institutional investors.
About Fortis (NYSE:FTS)
Fortis, Inc is an international electric and gas utility holding company. It operates through the following business segments: Regulated Utilities and Non-Regulated. The Regulated Utilities segment comprises of ITC, which contains mainly of the electric transmission operations of the ITC regulated operating subsidiaries; UNS Energy that offers vertically integrated utility services; Central Hudson, which provides regulated electric and gas T&D utility services; FortisBC Energy distributes natural gas in British Columbia; FortisAlberta, which involves in the ownership and operation of regulated electricity distribution facilities; FortisBC Electric includes the ownership of hydroelectric generating plants, high voltage transmission lines, and a large network of distribution assets; and Other Electric that contains utilities in the eastern Canada and Caribbean.
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