Parallel Advisors LLC Raises Holdings in Fortis Inc. (NYSE:FTS)

Posted by on May 3rd, 2023

Parallel Advisors LLC boosted its stake in shares of Fortis Inc. (NYSE:FTS – Get Rating) by 66.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,326 shares of the utilities provider’s stock after purchasing an additional 930 shares during the quarter. Parallel Advisors LLC’s holdings in Fortis were worth $93,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Power Corp of Canada purchased a new stake in Fortis during the 1st quarter worth about $31,000. Wipfli Financial Advisors LLC purchased a new stake in Fortis during the 3rd quarter worth about $44,000. McElhenny Sheffield Capital Management LLC purchased a new stake in Fortis during the 4th quarter worth about $75,000. Gamble Jones Investment Counsel purchased a new position in shares of Fortis in the 3rd quarter valued at about $77,000. Finally, PNC Financial Services Group Inc. increased its holdings in shares of Fortis by 9.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,569 shares of the utilities provider’s stock valued at $177,000 after acquiring an additional 322 shares during the last quarter. Hedge funds and other institutional investors own 49.59% of the company’s stock.

Fortis Stock Down 0.4 %

Fortis stock opened at $43.75 on Wednesday. Fortis Inc. has a twelve month low of $34.76 and a twelve month high of $50.89. The stock has a 50 day moving average of $42.11 and a two-hundred day moving average of $40.89. The company has a current ratio of 0.65, a quick ratio of 0.55 and a debt-to-equity ratio of 1.24. The stock has a market capitalization of $21.19 billion, a price-to-earnings ratio of 20.54, a PEG ratio of 3.64 and a beta of 0.44.

Fortis (NYSE:FTS – Get Rating) last posted its quarterly earnings results on Friday, February 10th. The utilities provider reported $0.53 EPS for the quarter, meeting the consensus estimate of $0.53. The business had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.06 billion. Fortis had a return on equity of 6.48% and a net margin of 12.20%. As a group, research analysts expect that Fortis Inc. will post 2.18 earnings per share for the current year.

Fortis Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 1st. Stockholders of record on Wednesday, May 17th will be issued a $0.4211 dividend. This is a boost from Fortis’s previous quarterly dividend of $0.42. This represents a $1.68 annualized dividend and a dividend yield of 3.85%. The ex-dividend date is Tuesday, May 16th. Fortis’s dividend payout ratio (DPR) is currently 79.34%.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $65.00 price objective on shares of Fortis in a report on Friday, March 24th. National Bank Financial increased their price objective on Fortis from C$55.00 to C$56.00 in a report on Monday, February 13th. StockNews.com began coverage on Fortis in a research report on Thursday, March 16th. They issued a “hold” rating for the company. Scotiabank upped their target price on Fortis from C$57.00 to C$58.00 in a research report on Monday, January 23rd. Finally, CIBC upped their target price on Fortis from C$55.00 to C$57.00 in a research report on Tuesday, January 10th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $58.75.

Fortis Company Profile

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Fortis, Inc is a holding company, which engages in the electric and gas utility industry. It operates under the Regulated Utilities and Non-Regulated segments. The Regulated Utilities segment includes ITC Holdings (ITC), UNS Energy Corporation (UNS Energy), Central Hudson, FortisBC Energy, FortisAlberta, and FortisBC Electric.

See Also

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Institutional Ownership by Quarter for Fortis (NYSE:FTS)

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