Fortis Inc. (NYSE:FTS – Get Free Report) saw a large decrease in short interest in February. As of February 28th, there was short interest totalling 8,200,000 shares, a decrease of 44.7% from the February 13th total of 14,830,000 shares. Based on an average daily volume of 605,000 shares, the short-interest ratio is currently 13.6 days. Approximately 1.6% of the company’s stock are short sold.
Wall Street Analysts Forecast Growth
Separately, Jefferies Financial Group started coverage on Fortis in a research report on Thursday, February 13th. They set a “hold” rating on the stock. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold”.
Institutional Investors Weigh In On Fortis
Fortis Stock Performance
Shares of FTS stock traded up $0.07 on Friday, hitting $44.92. 542,162 shares of the stock traded hands, compared to its average volume of 563,503. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.63 and a quick ratio of 0.63. The company has a market capitalization of $22.43 billion, a PE ratio of 19.03, a PEG ratio of 3.94 and a beta of 0.48. Fortis has a 1-year low of $36.86 and a 1-year high of $46.06. The company’s fifty day moving average is $43.20 and its 200 day moving average is $43.68.
Fortis (NYSE:FTS – Get Free Report) last posted its quarterly earnings results on Friday, February 14th. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.02. Fortis had a return on equity of 7.09% and a net margin of 14.12%. The business had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.08 billion. During the same period in the prior year, the company posted $0.72 EPS. On average, equities research analysts predict that Fortis will post 2.35 earnings per share for the current fiscal year.
Fortis Cuts Dividend
The business also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 16th will be given a $0.4324 dividend. This represents a $1.73 annualized dividend and a yield of 3.85%. The ex-dividend date of this dividend is Friday, May 16th. Fortis’s dividend payout ratio is presently 72.03%.
Fortis Company Profile
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 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.
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