Shares of Fortis (NYSE:FTS - Get Free Report) have earned a consensus recommendation of "Hold" from the eleven ratings firms that are presently covering the stock, Marketbeat.com reports. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $61.00.
Several analysts recently issued reports on the stock. Canadian Imperial Bank of Commerce downgraded shares of Fortis from an "outperform" rating to a "hold" rating in a research report on Friday, July 17th. Barclays dropped their price objective 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. Wall Street Zen cut shares of Fortis from a "hold" rating to a "sell" rating in a report on Saturday, May 23rd. Weiss Ratings reissued a "buy (b)" rating on shares of Fortis in a research report on Friday, July 17th. Finally, BMO Capital Markets restated a "market perform" rating on shares of Fortis in a report on Thursday, May 7th.
Check Out Our Latest Analysis on Fortis
Fortis Trading Down 1.2%
NYSE:FTS opened at $57.62 on Thursday. Fortis has a 12 month low of $48.53 and a 12 month high of $59.40. 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 stock has a market capitalization of $29.43 billion, a price-to-earnings ratio of 23.42 and a beta of 0.43. The firm has a fifty day simple moving average of $56.98 and a two-hundred day simple moving average of $56.14.
Fortis (NYSE:FTS - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The utilities provider reported $0.72 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.02. Fortis had a return on equity of 7.25% and a net margin of 14.21%.The business had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same period in the prior year, the business earned $1.00 EPS. Analysts expect that Fortis will post 2.58 EPS for the current fiscal year.
Institutional Trading of Fortis
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada lifted its holdings in shares of Fortis by 4.6% in the first quarter. Royal Bank of Canada now owns 35,241,451 shares of the utilities provider's stock valued at $1,966,121,000 after purchasing an additional 1,557,443 shares in the last quarter. Vanguard Group Inc. grew its holdings in Fortis by 2.3% during the fourth quarter. Vanguard Group Inc. now owns 24,129,958 shares of the utilities provider's stock worth $1,254,541,000 after buying an additional 536,118 shares in the last quarter. FIL Ltd grew its holdings in Fortis by 9.1% during the fourth quarter. FIL Ltd now owns 19,898,613 shares of the utilities provider's stock worth $1,034,545,000 after buying an additional 1,666,481 shares in the last quarter. Scotia Capital Inc. raised its position in Fortis by 3.7% in the 3rd quarter. Scotia Capital Inc. now owns 9,163,354 shares of the utilities provider's stock valued at $461,748,000 after buying an additional 326,212 shares during the last quarter. Finally, Cibc World Market Inc. raised its position in Fortis by 8.6% in the 4th quarter. Cibc World Market Inc. now owns 8,564,134 shares of the utilities provider's stock valued at $445,335,000 after buying an additional 677,226 shares during the last quarter. 57.77% of the stock is owned by institutional investors.
About Fortis
(
Get Free Report)
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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