Fortis Inc (NYSE:FTS) – Equities research analysts at National Bank Financial issued their Q4 2019 earnings estimates for Fortis in a research report issued to clients and investors on Tuesday, February 11th. National Bank Financial analyst P. Kenny anticipates that the utilities provider will earn $0.46 per share for the quarter.
A number of other analysts have also commented on FTS. Bank of America lowered Fortis from a “buy” rating to a “neutral” rating in a research report on Thursday, December 5th. Scotiabank upgraded Fortis from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, December 4th. Raymond James reiterated a “hold” rating and issued a $55.00 price objective on shares of Fortis in a research report on Wednesday, January 29th. Zacks Investment Research upgraded Fortis from a “sell” rating to a “hold” rating in a research report on Tuesday, February 4th. Finally, Howard Weil upgraded Fortis from a “sector perform” rating to a “sector outperform” rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $56.00.
Fortis (NYSE:FTS) last announced its quarterly earnings data on Thursday, February 13th. The utilities provider reported $0.62 EPS for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.16. The firm had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.71 billion. Fortis had a return on equity of 6.75% and a net margin of 12.72%. During the same period last year, the company earned $0.56 earnings per share.
Institutional investors have recently bought and sold shares of the company. Community Financial Services Group LLC grew its position in shares of Fortis by 2.8% during the 3rd quarter. Community Financial Services Group LLC now owns 101,227 shares of the utilities provider’s stock worth $4,285,000 after buying an additional 2,798 shares during the period. Duff & Phelps Investment Management Co. grew its position in shares of Fortis by 4.8% during the 3rd quarter. Duff & Phelps Investment Management Co. now owns 1,712,202 shares of the utilities provider’s stock worth $72,432,000 after buying an additional 78,936 shares during the period. First Trust Advisors LP grew its position in shares of Fortis by 12.2% during the 3rd quarter. First Trust Advisors LP now owns 961,322 shares of the utilities provider’s stock worth $40,693,000 after buying an additional 104,594 shares during the period. NEXT Financial Group Inc acquired a new position in shares of Fortis during the 4th quarter worth about $83,000. Finally, Man Group plc grew its position in shares of Fortis by 27.1% during the 3rd quarter. Man Group plc now owns 1,126,605 shares of the utilities provider’s stock worth $47,670,000 after buying an additional 239,967 shares during the period. Institutional investors own 49.34% of the company’s stock.
The business also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 15th will be given a dividend of $0.3593 per share. The ex-dividend date is Thursday, May 14th. This represents a $1.44 annualized dividend and a dividend yield of 3.26%. Fortis’s payout ratio is currently 75.39%.
Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.
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