Fortis (NYSE:FTS) Announces Quarterly Earnings Results

Fortis (NYSE:FTSGet Free Report) announced its quarterly earnings data on Friday. The utilities provider reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01, MarketWatch Earnings reports. The company had revenue of $2.12 billion during the quarter, compared to the consensus estimate of $2.39 billion. Fortis had a net margin of 13.22% and a return on equity of 7.00%. During the same quarter last year, the firm posted $0.53 EPS.

Fortis Stock Performance

NYSE FTS opened at $39.06 on Monday. The firm has a 50-day moving average price of $40.57 and a two-hundred day moving average price of $40.26. The company has a market capitalization of $19.16 billion, a P/E ratio of 16.98, a P/E/G ratio of 2.97 and a beta of 0.44. The company has a quick ratio of 0.62, a current ratio of 0.71 and a debt-to-equity ratio of 1.25. Fortis has a 12-month low of $36.30 and a 12-month high of $46.28.

Fortis Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 1st. Shareholders of record on Friday, February 16th will be issued a $0.435 dividend. This represents a $1.74 dividend on an annualized basis and a yield of 4.45%. The ex-dividend date is Thursday, February 15th. Fortis’s dividend payout ratio is currently 76.09%.

Analyst Ratings Changes

Several analysts recently commented on the stock. JPMorgan Chase & Co. downgraded shares of Fortis from a “neutral” rating to an “underweight” rating in a report on Tuesday, December 12th. StockNews.com downgraded shares of Fortis from a “hold” rating to a “sell” rating in a report on Tuesday, October 31st. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $55.30.

Read Our Latest Stock Report on Fortis

Hedge Funds Weigh In On Fortis

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Advisory Services Network LLC acquired a new position in Fortis during the 4th quarter worth approximately $119,000. Wells Fargo & Company MN increased its position in Fortis by 7.1% during the 4th quarter. Wells Fargo & Company MN now owns 149,375 shares of the utilities provider’s stock worth $6,150,000 after purchasing an additional 9,849 shares in the last quarter. PNC Financial Services Group Inc. increased its position in Fortis by 29.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,527 shares of the utilities provider’s stock worth $186,000 after purchasing an additional 1,023 shares in the last quarter. American Century Companies Inc. increased its position in Fortis by 6.9% during the 3rd quarter. American Century Companies Inc. now owns 111,052 shares of the utilities provider’s stock worth $4,218,000 after purchasing an additional 7,190 shares in the last quarter. Finally, LPL Financial LLC increased its position in Fortis by 4.6% during the 3rd quarter. LPL Financial LLC now owns 46,596 shares of the utilities provider’s stock worth $1,770,000 after purchasing an additional 2,041 shares in the last quarter. 50.18% of the stock is currently owned by institutional investors and hedge funds.

About Fortis

(Get Free Report)

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 443,000 retail customers in southeastern Arizona; and 102,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,328 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.

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Earnings History for Fortis (NYSE:FTS)

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