Fortis (NYSE:FTS) Receives Consensus Rating of “Moderate Buy” from Analysts

Fortis (NYSE:FTS) has earned an average recommendation of “Moderate Buy” from the eleven ratings firms that are currently covering the stock, Marketbeat Ratings reports. Five analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 12 month price target among analysts that have covered the stock in the last year is $61.00.

A number of research firms recently commented on FTS. Wall Street Zen downgraded Fortis from a “hold” rating to a “sell” rating in a research note on Saturday, May 23rd. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Fortis in a research note on Monday, April 20th. TD Securities reaffirmed a “buy” rating on shares of Fortis in a report on Thursday, May 7th. Weiss Ratings reiterated a “buy (b)” rating on shares of Fortis in a research report on Tuesday, April 21st. Finally, Barclays lowered their price target on Fortis from $62.00 to $61.00 and set an “overweight” rating for the company in a report on Friday, May 8th.

Fortis Trading Down 0.1%

NYSE FTS opened at $57.91 on Friday. The company has a market capitalization of $29.48 billion, a price-to-earnings ratio of 23.54 and a beta of 0.43. 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 12 month low of $46.46 and a 12 month high of $58.78. The company’s fifty day moving average price is $56.36 and its two-hundred day moving average price is $55.34.

Fortis (NYSE:FTS) last released its earnings results on Wednesday, May 6th. The utilities provider reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.02. The company had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.56 billion. Fortis had a net margin of 14.21% and a return on equity of 7.25%. During the same quarter in the previous year, the firm earned $1.00 EPS. As a group, research analysts predict that Fortis will post 2.64 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fortis

A number of hedge funds have recently added to or reduced their stakes in the business. Scarborough Advisors LLC acquired a new stake in shares of Fortis during the first quarter worth $29,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of Fortis in the 4th quarter valued at about $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its holdings in shares of Fortis by 157.4% in the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider’s stock valued at $36,000 after buying an additional 428 shares during the period. Larson Financial Group LLC grew its position 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 valued at $37,000 after buying an additional 409 shares during the last quarter. Finally, LOM Asset Management Ltd bought a new stake in shares of Fortis during the 4th quarter valued at about $43,000. Institutional investors and hedge funds own 57.77% of the company’s stock.

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.