Fortis (FTS) Set to Announce Quarterly Earnings on Friday

Fortis (NYSE:FTSGet Free Report) is scheduled to post its quarterly earnings results before the market opens on Friday, February 9th. Analysts expect Fortis to post earnings of $0.54 per share for the quarter. Investors that are interested in registering for the company’s conference call can do so using this link.

Fortis Trading Up 0.8 %

Shares of FTS opened at $40.45 on Friday. The firm has a market capitalization of $19.84 billion, a P/E ratio of 17.66, a price-to-earnings-growth ratio of 3.08 and a beta of 0.45. The company has a current ratio of 0.71, a quick ratio of 0.62 and a debt-to-equity ratio of 1.25. The stock’s fifty day simple moving average is $40.71 and its 200 day simple moving average is $40.46. Fortis has a twelve month low of $36.30 and a twelve month high of $46.28.

Fortis Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Friday, February 16th will be issued a $0.435 dividend. The ex-dividend date is Thursday, February 15th. This represents a $1.74 annualized dividend and a yield of 4.30%. Fortis’s payout ratio is 76.42%.

Institutional Trading of Fortis

Several institutional investors have recently added to or reduced their stakes in FTS. Norges Bank bought a new position in Fortis during the 4th quarter worth approximately $104,121,000. Vanguard Group Inc. raised its position in shares of Fortis by 3.9% during the 3rd quarter. Vanguard Group Inc. now owns 17,872,872 shares of the utilities provider’s stock valued at $678,990,000 after acquiring an additional 675,957 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Fortis by 187.1% during the second quarter. Goldman Sachs Group Inc. now owns 911,114 shares of the utilities provider’s stock worth $39,260,000 after purchasing an additional 593,809 shares during the last quarter. State of Tennessee Treasury Department acquired a new stake in Fortis during the second quarter worth about $11,943,000. Finally, Renaissance Technologies LLC raised its position in shares of Fortis by 6.4% during the 1st quarter. Renaissance Technologies LLC now owns 3,674,861 shares of the utilities provider’s stock worth $181,906,000 after purchasing an additional 221,000 shares during the period. 50.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Check Out Our Latest Report on FTS

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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