Zacks Investment Research downgraded shares of Fortis (NYSE:FTS) from a hold rating to a sell rating in a research note published on Wednesday morning.
According to Zacks, “Fortis, Inc. is engaged in electric and gas utility business. The Company offers regulated utilities comprised of electric and gas as well as engages in non-regulated hydroelectric operations. It operates primarily in Canada, United States and Caribbean. Fortis, Inc. is based in St John’s, Canada. “
Separately, Scotiabank reiterated a buy rating and set a $51.00 price objective on shares of Fortis in a report on Monday, December 4th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. Fortis currently has an average rating of Hold and an average target price of $42.33.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Thursday, February 15th will be paid a $0.3353 dividend. This represents a $1.34 annualized dividend and a yield of 3.73%. The ex-dividend date is Wednesday, February 14th. Fortis’s payout ratio is 66.67%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Parametric Portfolio Associates LLC raised its stake in shares of Fortis by 0.3% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 15,074 shares of the utilities provider’s stock worth $530,000 after purchasing an additional 44 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Fortis by 12.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,480 shares of the utilities provider’s stock worth $122,000 after purchasing an additional 382 shares in the last quarter. Bank of Hawaii raised its stake in shares of Fortis by 13.7% during the 2nd quarter. Bank of Hawaii now owns 7,069 shares of the utilities provider’s stock worth $248,000 after purchasing an additional 853 shares in the last quarter. Oppenheimer Asset Management Inc. raised its stake in shares of Fortis by 20.5% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 5,682 shares of the utilities provider’s stock worth $200,000 after purchasing an additional 965 shares in the last quarter. Finally, Dearborn Partners LLC raised its stake in shares of Fortis by 0.3% during the 3rd quarter. Dearborn Partners LLC now owns 522,136 shares of the utilities provider’s stock worth $18,677,000 after purchasing an additional 1,337 shares in the last quarter. Hedge funds and other institutional investors own 50.90% of the company’s stock.
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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 420,000 retail customers in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail customers in Arizonas Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.
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