Fortis (NYSE:FTS - Get Free Report) was upgraded by equities researchers at Raymond James Financial from a "hold" rating to a "moderate buy" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.
FTS has been the subject of a number of other reports. Cibc World Mkts raised shares of Fortis from a "hold" rating to a "strong-buy" rating in a research report on Monday. CIBC raised shares of Fortis from a "neutral" rating to a "sector outperform" rating in a research report on Monday. Desjardins began coverage on shares of Fortis in a research report on Tuesday, May 6th. They issued a "hold" rating for the company. Royal Bank Of Canada raised their price objective on shares of Fortis from $69.00 to $72.00 and gave the company a "sector perform" rating in a research report on Thursday, May 8th. Finally, TD Securities began coverage on shares of Fortis in a research report on Friday, June 27th. They set a "buy" rating on the stock. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $72.00.
Get Our Latest Stock Report on FTS
Fortis Trading Up 1.9%
FTS opened at $49.06 on Tuesday. The stock has a market capitalization of $24.70 billion, a PE ratio of 20.70, a P/E/G ratio of 3.88 and a beta of 0.48. The firm's fifty day moving average price is $47.49 and its 200 day moving average price is $45.75. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.76 and a quick ratio of 0.63. Fortis has a 12-month low of $40.23 and a 12-month high of $50.06.
Fortis (NYSE:FTS - Get Free Report) last announced its earnings results on Wednesday, May 7th. The utilities provider reported $0.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.69 by $0.01. Fortis had a net margin of 14.20% and a return on equity of 7.08%. The firm had revenue of $2.31 billion during the quarter, compared to analyst estimates of $3.42 billion. During the same quarter in the prior year, the firm posted $0.93 EPS. As a group, research analysts expect that Fortis will post 2.35 EPS for the current fiscal year.
Institutional Trading of Fortis
Several institutional investors and hedge funds have recently added to or reduced their stakes in FTS. Vanguard Group Inc. increased its stake in shares of Fortis by 2.5% in the 1st quarter. Vanguard Group Inc. now owns 22,265,742 shares of the utilities provider's stock valued at $1,014,227,000 after acquiring an additional 542,749 shares during the last quarter. TD Asset Management Inc lifted its holdings in Fortis by 4.9% during the 1st quarter. TD Asset Management Inc now owns 12,870,736 shares of the utilities provider's stock valued at $586,192,000 after purchasing an additional 604,615 shares during the last quarter. Scotia Capital Inc. lifted its holdings in Fortis by 3.7% during the 4th quarter. Scotia Capital Inc. now owns 9,148,037 shares of the utilities provider's stock valued at $379,614,000 after purchasing an additional 329,767 shares during the last quarter. Toronto Dominion Bank lifted its holdings in Fortis by 10.9% during the 4th quarter. Toronto Dominion Bank now owns 6,218,116 shares of the utilities provider's stock valued at $258,068,000 after purchasing an additional 612,395 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Fortis by 52.0% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,922,870 shares of the utilities provider's stock valued at $224,278,000 after purchasing an additional 1,683,377 shares during the last quarter. 57.77% of the stock is owned by institutional investors.
About Fortis
(
Get Free Report)
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.
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