Fortis (NYSE:FTS) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Fortis (NYSE:FTS) have been assigned a consensus rating of “Moderate Buy” from the eleven analysts that are presently covering the company, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $61.00.

A number of analysts have weighed in on the stock. Scotiabank restated a “sector perform” rating on shares of Fortis in a research note on Friday, February 13th. BMO Capital Markets restated 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 research note on Thursday, May 7th. Royal Bank Of Canada restated a “sector perform” rating on shares of Fortis in a research note on Friday, February 13th. Finally, Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Fortis in a research note on Monday, April 20th.

Institutional Trading of Fortis

Institutional investors and hedge funds have recently bought and sold shares of the company. Scarborough Advisors LLC bought a new stake in Fortis during the 1st quarter valued at about $29,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Fortis in the fourth quarter worth approximately $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA grew its stake 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 worth $36,000 after acquiring an additional 428 shares during the period. Larson Financial Group LLC grew its stake 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 worth $37,000 after acquiring an additional 409 shares during the period. Finally, LOM Asset Management Ltd bought a new stake in shares of Fortis in the fourth quarter worth approximately $43,000. 57.77% of the stock is currently owned by institutional investors.

Fortis Stock Down 2.9%

Shares of Fortis stock opened at $54.79 on Friday. The firm has a market cap of $27.89 billion, a price-to-earnings ratio of 22.27 and a beta of 0.45. 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 has a 1 year low of $46.46 and a 1 year high of $58.78. The company has a 50-day moving average of $56.63 and a 200 day moving average of $54.09.

Fortis (NYSE:FTS) last released its quarterly earnings data on Wednesday, May 6th. The utilities provider reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.02. The business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.56 billion. Fortis had a net margin of 14.21% and a return on equity of 7.25%. During the same period last year, the business earned $1.00 EPS. As a group, sell-side analysts anticipate that Fortis will post 2.65 earnings per share for the current fiscal year.

Fortis Company 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.