Wall Street Zen Upgrades Fortis (NYSE:FTS) to "Hold"

Key Points

• Wall Street Zen upgraded Fortis from a "sell" to a "hold," while the analyst mix remains split (five Buy, five Hold) with a consensus "Moderate Buy" and an average target price of $72.00.
• Fortis's latest quarter beat EPS estimates ($0.65 vs. $0.62) but missed revenue expectations ($2.13B vs. $2.54B), and EPS declined from $0.83 year‑over‑year.
• Shares opened at $56.86 and trade near a 52‑week high of $58.78, with a market cap of $28.95B and a trailing PE of 23.3.

Fortis (NYSE:FTS - Get Free Report) was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Sunday.

Other analysts have also issued research reports about the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of Fortis in a research note on Thursday, January 22nd. BMO Capital Markets reiterated a "market perform" rating on shares of Fortis in a research note on Friday, February 13th. Royal Bank Of Canada reiterated a "sector perform" rating on shares of Fortis in a research note on Friday, February 13th. TD Securities reiterated a "buy" rating on shares of Fortis in a research note on Tuesday, February 17th. Finally, Scotiabank reiterated a "sector perform" rating on shares of Fortis in a research note on Friday, February 13th. Five analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $72.00.

Fortis Price Performance

NYSE FTS opened at $56.86 on Friday. The firm's 50 day moving average price is $56.70 and its 200-day moving average price is $53.43. The company has a market cap of $28.95 billion, a PE ratio of 23.30, a P/E/G ratio of 4.73 and a beta of 0.47. Fortis has a 52-week low of $45.87 and a 52-week high of $58.78. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.42 and a current ratio of 0.51.

Fortis (NYSE:FTS - Get Free Report) last posted its quarterly earnings results on Thursday, February 12th. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.62 by $0.03. The business had revenue of $2.13 billion during 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. Sell-side analysts forecast that Fortis will post 2.35 EPS for the current fiscal year.

Institutional Trading of Fortis

Institutional investors have recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Fortis in the fourth quarter valued at about $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA grew its position in shares of Fortis by 157.4% in the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider's stock valued at $36,000 after purchasing an additional 428 shares during the period. Larson Financial Group LLC grew its position in shares of Fortis by 123.9% in the third quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider's stock valued at $37,000 after purchasing an additional 409 shares during the period. LOM Asset Management Ltd acquired a new stake in shares of Fortis in the fourth quarter valued at about $43,000. Finally, Smartleaf Asset Management LLC grew its position in shares of Fortis by 2,119.1% in the second quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider's stock valued at $49,000 after purchasing an additional 996 shares during the period. Institutional investors and hedge funds own 57.77% of the company's stock.

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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