OMERS ADMINISTRATION Corp Makes New Investment in Fortis $FTS

Key Points

• OMERS ADMINISTRATION Corp disclosed a new stake in Fortis during the first quarter, buying 300,000 shares valued at about $16.7 million. The position represented roughly 0.06% of the utility company.
• Fortis has seen mixed analyst sentiment: several firms kept or raised ratings, while others cut views, leaving the stock with a consensus rating of Hold and a $61 price target.
• The company reported Q1 earnings of $0.72 per share, topping estimates by $0.02, though revenue of $2.45 billion came in below expectations. Fortis shares were trading near $58.86, close to the stock's 52-week high.

OMERS ADMINISTRATION Corp acquired a new stake in shares of Fortis (NYSE:FTS - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 300,000 shares of the utilities provider's stock, valued at approximately $16,684,000. OMERS ADMINISTRATION Corp owned approximately 0.06% of Fortis as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Scarborough Advisors LLC acquired a new position in shares of Fortis during the 1st quarter worth about $29,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Fortis in the 4th quarter worth about $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its stake in Fortis by 157.4% during the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider's stock worth $36,000 after buying an additional 428 shares in the last quarter. Larson Financial Group LLC increased its stake in Fortis by 123.9% during the 3rd quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider's stock worth $37,000 after buying an additional 409 shares in the last quarter. Finally, LOM Asset Management Ltd acquired a new position in shares of Fortis during the fourth quarter valued at approximately $43,000. Institutional investors and hedge funds own 57.77% of the company's stock.

Analyst Upgrades and Downgrades

FTS has been the topic of a number of research analyst reports. Wall Street Zen lowered Fortis from a "hold" rating to a "sell" rating in a research note on Saturday, May 23rd. BMO Capital Markets reissued a "market perform" rating on shares of Fortis in a research note on Thursday, May 7th. TD Securities restated a "buy" rating on shares of Fortis in a report on Thursday, May 7th. Canadian Imperial Bank of Commerce cut shares of Fortis from an "outperform" rating to a "hold" rating in a research note on Friday, July 17th. Finally, Barclays dropped their target price on shares of Fortis from $62.00 to $61.00 and set an "overweight" rating for the company in a report on Friday, May 8th. Five investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $61.00.

Fortis Trading Up 0.5%

Shares of Fortis stock opened at $58.86 on Friday. The stock has a market cap of $30.07 billion, a P/E ratio of 23.93 and a beta of 0.43. The stock's 50 day simple moving average is $56.83 and its 200-day simple moving average is $55.97. Fortis has a 1-year low of $48.28 and a 1-year high of $59.21. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.49 and a quick ratio of 0.41.

Fortis (NYSE:FTS - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The utilities provider reported $0.72 EPS for the quarter, beating the consensus estimate of $0.70 by $0.02. Fortis had a return on equity of 7.25% and a net margin of 14.21%.The firm had revenue of $2.45 billion during the quarter, compared to analysts' expectations of $2.56 billion. During the same quarter last year, the firm earned $1.00 earnings per share. Analysts predict that Fortis will post 2.58 EPS for the current fiscal year.

Fortis 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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