Fortis (NYSE:FTS) Downgraded by CIBC to “Neutral”

CIBC cut shares of Fortis (NYSE:FTS) from a sector outperform rating to a neutral rating in a report issued on Thursday morning, BenzingaRatingsTable reports.

Other research analysts have also issued research reports about the company. Zacks Investment Research lowered Fortis from a buy rating to a hold rating in a report on Wednesday, August 7th. Veritas Investment Research lowered shares of Fortis from a buy rating to a sell rating in a report on Friday, May 3rd. ValuEngine lowered shares of Fortis from a buy rating to a hold rating in a report on Thursday, August 1st. UBS Group restated a buy rating on shares of Fortis in a report on Friday, June 7th. Finally, Bank of America set a $54.00 price objective on shares of Fortis and gave the company a buy rating in a report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $51.20.

Shares of NYSE FTS traded down $0.10 during trading on Thursday, hitting $40.75. 10,522 shares of the company were exchanged, compared to its average volume of 351,697. Fortis has a 12-month low of $31.37 and a 12-month high of $41.26. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.51 and a current ratio of 0.62. The company has a fifty day moving average price of $40.07 and a 200-day moving average price of $37.93. The firm has a market capitalization of $17.88 billion, a PE ratio of 21.36, a P/E/G ratio of 4.12 and a beta of 0.18.

Fortis (NYSE:FTS) last posted its quarterly earnings results on Friday, August 2nd. The utilities provider reported $0.55 EPS for the quarter, topping the consensus estimate of $0.44 by $0.11. Fortis had a return on equity of 6.80% and a net margin of 12.72%. The business had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the previous year, the firm earned $0.57 EPS. Research analysts anticipate that Fortis will post 1.96 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Tuesday, August 20th will be given a $0.344 dividend. This is an increase from Fortis’s previous quarterly dividend of $0.34. This represents a $1.38 annualized dividend and a yield of 3.38%. The ex-dividend date of this dividend is Monday, August 19th. Fortis’s payout ratio is currently 71.20%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Natixis lifted its stake in Fortis by 118.3% in the second quarter. Natixis now owns 80,421 shares of the utilities provider’s stock valued at $3,182,000 after buying an additional 43,573 shares during the last quarter. Prudential PLC lifted its stake in Fortis by 1,148.4% in the second quarter. Prudential PLC now owns 359,838 shares of the utilities provider’s stock valued at $14,267,000 after buying an additional 331,014 shares during the last quarter. Amundi Pioneer Asset Management Inc. lifted its stake in Fortis by 3.5% in the second quarter. Amundi Pioneer Asset Management Inc. now owns 509,822 shares of the utilities provider’s stock valued at $20,123,000 after buying an additional 17,227 shares during the last quarter. Summit Global Investments lifted its stake in Fortis by 8.1% in the second quarter. Summit Global Investments now owns 18,800 shares of the utilities provider’s stock valued at $742,000 after buying an additional 1,415 shares during the last quarter. Finally, Pictet Asset Management Ltd. lifted its stake in Fortis by 9.2% in the second quarter. Pictet Asset Management Ltd. now owns 1,014,436 shares of the utilities provider’s stock valued at $40,143,000 after buying an additional 85,163 shares during the last quarter. 52.13% of the stock is owned by institutional investors.

About Fortis

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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Analyst Recommendations for Fortis (NYSE:FTS)

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