Fortis $FTS Holdings Lifted by Hillsdale Investment Management Inc.

Key Points

• Hillsdale Investment Management increased its Fortis stake by 39% in the first quarter, buying 305,450 additional shares and bringing its total to 1,088,628 shares worth about $60.7 million.
• Fortis reported better-than-expected quarterly earnings of $0.72 per share versus the $0.70 consensus, though revenue of $2.45 billion came in below forecasts.
• Analyst sentiment remains generally positive: Fortis has a Moderate Buy consensus rating, with a target price of $61, while the stock recently traded near $57.52 and sits close to its 52-week high.

Hillsdale Investment Management Inc. boosted its position in shares of Fortis (NYSE:FTS - Free Report) by 39.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,088,628 shares of the utilities provider's stock after buying an additional 305,450 shares during the period. Fortis makes up about 1.7% of Hillsdale Investment Management Inc.'s portfolio, making the stock its 9th biggest holding. Hillsdale Investment Management Inc. owned about 0.21% of Fortis worth $60,720,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the stock. AQR Capital Management LLC purchased a new position in Fortis in the 1st quarter worth about $311,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Fortis by 19.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 565,150 shares of the utilities provider's stock worth $25,760,000 after acquiring an additional 90,776 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Fortis by 148.0% during the second quarter. EverSource Wealth Advisors LLC now owns 2,902 shares of the utilities provider's stock worth $139,000 after buying an additional 1,732 shares during the period. Baird Financial Group Inc. increased its holdings in shares of Fortis by 3.4% in the second quarter. Baird Financial Group Inc. now owns 33,996 shares of the utilities provider's stock valued at $1,623,000 after purchasing an additional 1,109 shares during the period. Finally, Cerity Partners LLC boosted its holdings in shares of Fortis by 4.4% in the 2nd quarter. Cerity Partners LLC now owns 10,343 shares of the utilities provider's stock valued at $494,000 after acquiring an additional 439 shares during the last quarter. 57.77% of the stock is owned by institutional investors.

Fortis Stock Performance

FTS opened at $57.52 on Tuesday. Fortis has a twelve month low of $46.66 and a twelve month high of $58.78. The firm has a market capitalization of $29.39 billion, a PE ratio of 23.38 and a beta of 0.43. The company has a current ratio of 0.49, a quick ratio of 0.41 and a debt-to-equity ratio of 1.25. The firm's 50-day moving average price is $56.46 and its 200 day moving average price is $55.62.

Fortis (NYSE:FTS - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The utilities provider reported $0.72 EPS for the quarter, beating analysts' consensus estimates of $0.70 by $0.02. Fortis had a net margin of 14.21% and a return on equity of 7.25%. The company had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.56 billion. During the same quarter in the prior year, the firm earned $1.00 EPS. As a group, sell-side analysts expect that Fortis will post 2.59 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Barclays lowered their target price on shares of Fortis from $62.00 to $61.00 and set an "overweight" rating on the stock in a research note on Friday, May 8th. BMO Capital Markets reissued a "market perform" rating on shares of Fortis in a report on Thursday, May 7th. Weiss Ratings restated a "buy (b)" rating on shares of Fortis in a research report on Tuesday, April 21st. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Fortis in a research report on Monday, April 20th. Finally, TD Securities restated a "buy" rating on shares of Fortis in a research report on Thursday, May 7th. Six equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Fortis has a consensus rating of "Moderate Buy" and a consensus target price of $61.00.

Fortis Company Profile

Fortis Inc is a Canadian diversified electric and gas utility holding company headquartered in St. John's, Newfoundland and Labrador. Through a portfolio of regulated utility subsidiaries, the company develops, owns and operates electricity and natural gas transmission, distribution and generation assets. Fortis serves customers across multiple jurisdictions in Canada, the United States and the Caribbean, focusing on the delivery of safe, reliable energy to residential, commercial and industrial users.

The company's core activities include operation and maintenance of transmission and distribution networks, ownership of generation facilities, and investment in grid modernization and system resilience.

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