Fortis Inc. (NYSE:FTS) Sees Large Increase in Short Interest

Fortis Inc. (NYSE:FTS - Get Free Report) was the recipient of a large increase in short interest during the month of February. As of February 15th, there was short interest totalling 14,830,000 shares, an increase of 40.4% from the January 31st total of 10,560,000 shares. Based on an average daily volume of 561,400 shares, the days-to-cover ratio is currently 26.4 days.

Fortis Stock Performance

NYSE:FTS traded up $1.04 during trading hours on Friday, hitting $44.72. 711,261 shares of the company traded hands, compared to its average volume of 569,844. Fortis has a twelve month low of $36.86 and a twelve month high of $46.06. The stock has a market capitalization of $22.33 billion, a price-to-earnings ratio of 18.95, a P/E/G ratio of 3.94 and a beta of 0.48. The firm has a 50-day moving average of $42.83 and a 200 day moving average of $43.64. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 1.30.

Fortis (NYSE:FTS - Get Free Report) last announced its quarterly earnings data on Friday, February 14th. The utilities provider reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.02. The company had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.08 billion. Fortis had a return on equity of 7.09% and a net margin of 14.12%. During the same quarter last year, the firm earned $0.72 EPS. On average, analysts forecast that Fortis will post 2.35 EPS for the current year.

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Fortis Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 16th will be paid a $0.4324 dividend. This represents a $1.73 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date is Friday, May 16th. Fortis's dividend payout ratio is 72.03%.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group began coverage on shares of Fortis in a report on Thursday, February 13th. They set a "hold" rating for the company. Two equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold".

Hedge Funds Weigh In On Fortis

Hedge funds and other institutional investors have recently made changes to their positions in the business. Versant Capital Management Inc lifted its stake in Fortis by 34.1% during the fourth quarter. Versant Capital Management Inc now owns 1,006 shares of the utilities provider's stock worth $42,000 after purchasing an additional 256 shares during the period. JCIC Asset Management Inc. raised its holdings in shares of Fortis by 5.5% in the 4th quarter. JCIC Asset Management Inc. now owns 5,087 shares of the utilities provider's stock worth $211,000 after buying an additional 267 shares in the last quarter. Code Waechter LLC lifted its position in shares of Fortis by 1.5% during the 4th quarter. Code Waechter LLC now owns 18,708 shares of the utilities provider's stock worth $778,000 after buying an additional 277 shares during the period. Commonwealth Equity Services LLC boosted its stake in Fortis by 3.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 9,515 shares of the utilities provider's stock valued at $396,000 after buying an additional 277 shares in the last quarter. Finally, Benjamin Edwards Inc. grew its position in Fortis by 4.7% in the fourth quarter. Benjamin Edwards Inc. now owns 6,265 shares of the utilities provider's stock valued at $260,000 after acquiring an additional 282 shares during the period. 57.77% 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 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.