Fortis (NYSE:FTS)‘s stock had its “buy” rating reaffirmed by investment analysts at Scotiabank in a report issued on Monday. They currently have a $51.00 price objective on the utilities provider’s stock. Scotiabank’s price target would suggest a potential upside of 37.32% from the stock’s current price.

Separately, Zacks Investment Research cut shares of Fortis from a “buy” rating to a “hold” rating in a research report on Thursday, October 19th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $42.33.

Shares of Fortis (NYSE FTS) traded down $0.25 on Monday, hitting $37.14. 241,700 shares of the stock traded hands, compared to its average volume of 186,533. The firm has a market capitalization of $15,580.00, a PE ratio of 19.17, a PEG ratio of 3.45 and a beta of 0.43. Fortis has a 1-year low of $30.00 and a 1-year high of $38.24. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.52 and a quick ratio of 0.43.

A number of large investors have recently modified their holdings of FTS. FMR LLC increased its stake in Fortis by 11.8% in the second quarter. FMR LLC now owns 10,358,373 shares of the utilities provider’s stock valued at $364,077,000 after purchasing an additional 1,090,988 shares during the last quarter. Vanguard Group Inc. increased its stake in Fortis by 6.1% in the second quarter. Vanguard Group Inc. now owns 9,359,355 shares of the utilities provider’s stock valued at $328,981,000 after purchasing an additional 538,992 shares during the last quarter. TD Asset Management Inc. increased its stake in Fortis by 4.8% in the third quarter. TD Asset Management Inc. now owns 8,948,948 shares of the utilities provider’s stock valued at $320,420,000 after purchasing an additional 411,348 shares during the last quarter. Legal & General Group Plc increased its stake in Fortis by 1.8% in the third quarter. Legal & General Group Plc now owns 4,554,818 shares of the utilities provider’s stock valued at $163,072,000 after purchasing an additional 79,914 shares during the last quarter. Finally, First Eagle Investment Management LLC increased its stake in Fortis by 0.7% in the third quarter. First Eagle Investment Management LLC now owns 3,966,300 shares of the utilities provider’s stock valued at $141,875,000 after purchasing an additional 26,267 shares during the last quarter. 50.91% of the stock is currently owned by hedge funds and other institutional investors.

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About Fortis

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 420,000 retail customers in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail customers in Arizona’s Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.

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