Andra AP fonden Boosts Stake in Fortis $FTS

Andra AP fonden raised its stake in shares of Fortis (NYSE:FTS) by 292.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 128,099 shares of the utilities provider’s stock after acquiring an additional 95,445 shares during the quarter. Andra AP fonden’s holdings in Fortis were worth $7,147,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. AQR Capital Management LLC purchased a new stake in shares of Fortis during the first quarter valued at about $311,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Fortis by 19.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 565,150 shares of the utilities provider’s stock worth $25,760,000 after buying an additional 90,776 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Fortis by 148.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,902 shares of the utilities provider’s stock worth $139,000 after buying an additional 1,732 shares during the last quarter. Baird Financial Group Inc. raised its stake in shares of Fortis by 3.4% during the 2nd quarter. Baird Financial Group Inc. now owns 33,996 shares of the utilities provider’s stock worth $1,623,000 after acquiring an additional 1,109 shares in the last quarter. Finally, Cerity Partners LLC lifted its position in Fortis by 4.4% during the second quarter. Cerity Partners LLC now owns 10,343 shares of the utilities provider’s stock valued at $494,000 after acquiring an additional 439 shares during the last quarter. 57.77% of the stock is owned by institutional investors.

Fortis Stock Performance

Shares of FTS opened at $58.34 on Thursday. The stock has a 50-day moving average of $56.70 and a two-hundred day moving average of $55.90. Fortis has a one year low of $48.28 and a one year high of $59.08. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.41 and a current ratio of 0.49. The stock has a market cap of $29.81 billion, a P/E ratio of 23.72 and a beta of 0.43.

Fortis (NYSE:FTS) last posted its quarterly earnings results on Wednesday, May 6th. The utilities provider reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.02. The business had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.56 billion. Fortis had a return on equity of 7.25% and a net margin of 14.21%.During the same quarter in the previous year, the business earned $1.00 EPS. As a group, research analysts predict that Fortis will post 2.58 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Canadian Imperial Bank of Commerce downgraded Fortis from an “outperform” rating to a “hold” rating in a research report on Friday, July 17th. Wall Street Zen cut Fortis from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. BMO Capital Markets restated a “market perform” rating on shares of Fortis in a research note on Thursday, May 7th. TD Securities reiterated a “buy” rating on shares of Fortis in a research note on Thursday, May 7th. 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. Five investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $61.00.

Fortis 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.