Fortis (NYSE:FTS) Upgraded to Strong-Buy at Barclays

Key Points

• Barclays upgraded Fortis (NYSE:FTS) to a strong-buy with a $62 price target, implying roughly a 9.78% upside from the current share price.
• The consensus across analysts is a Moderate Buy with an average target of $67; the coverage mix is mixed (1 Strong Buy, 5 Buy, 5 Hold), indicating varied views on near-term upside.
• In its most recent quarter Fortis reported $0.65 EPS (beating by $0.03) but missed revenue at $2.13B versus $2.54B expected; shares trade around $56.48 (12‑month range $45.87–$58.78) with a market cap of about $28.75B and a P/E of 23.15.

Fortis (NYSE:FTS - Get Free Report) was upgraded by analysts at Barclays to a "strong-buy" rating in a research note issued on Tuesday, MarketBeat reports. The firm presently has a $62.00 target price on the utilities provider's stock. Barclays's target price suggests a potential upside of 9.78% from the stock's current price.

A number of other brokerages also recently weighed in on FTS. Royal Bank Of Canada reiterated a "sector perform" rating on shares of Fortis in a report on Friday, February 13th. Weiss Ratings reiterated a "buy (b)" rating on shares of Fortis in a research note on Tuesday, April 21st. Scotiabank restated a "sector perform" rating on shares of Fortis in a research report on Friday, February 13th. TD Securities reaffirmed a "buy" rating on shares of Fortis in a research report on Tuesday, February 17th. Finally, Wall Street Zen upgraded shares of Fortis from a "sell" rating to a "hold" rating in a research note on Sunday, April 19th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $67.00.

Fortis Trading Up 0.3%

NYSE FTS opened at $56.48 on Tuesday. Fortis has a 12 month low of $45.87 and a 12 month high of $58.78. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.51 and a quick ratio of 0.42. The company has a market capitalization of $28.75 billion, a price-to-earnings ratio of 23.15 and a beta of 0.47. The company's fifty day moving average price is $56.77 and its two-hundred day moving average price is $53.74.

Fortis (NYSE:FTS - Get Free Report) last issued its quarterly earnings results on Thursday, February 12th. The utilities provider reported $0.65 EPS for the quarter, topping the consensus estimate of $0.62 by $0.03. The business had revenue of $2.13 billion for the quarter, compared to analysts' expectations of $2.54 billion. Fortis had a net margin of 14.24% and a return on equity of 7.24%. During the same quarter last year, the company posted $0.83 earnings per share. As a group, research analysts predict that Fortis will post 2.66 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fortis

Hedge funds and other institutional investors have recently bought and sold shares of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Fortis during the fourth quarter valued at approximately $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its position in shares of Fortis by 157.4% during the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider's stock valued at $36,000 after acquiring an additional 428 shares during the last quarter. Larson Financial Group LLC boosted its stake in shares of 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 acquiring an additional 409 shares in the last quarter. LOM Asset Management Ltd bought a new stake in shares of Fortis during the 4th quarter worth $43,000. Finally, Smartleaf Asset Management LLC grew its holdings in shares of Fortis by 2,119.1% in the 2nd quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider's stock worth $49,000 after acquiring an additional 996 shares during the last quarter. 57.77% of the stock is currently owned by institutional investors.

About Fortis

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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