Bank of Nova Scotia Buys 183,703 Shares of Fortis $FTS

Bank of Nova Scotia boosted its stake in shares of Fortis (NYSE:FTS) by 4.2% in the 1st quarter, HoldingsChannel.com reports. The firm owned 4,588,898 shares of the utilities provider’s stock after buying an additional 183,703 shares during the quarter. Bank of Nova Scotia’s holdings in Fortis were worth $255,952,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Scarborough Advisors LLC acquired a new position in Fortis during the first quarter worth $29,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Fortis in the fourth quarter valued at $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA grew its position 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 acquiring an additional 428 shares during the period. Larson Financial Group LLC grew its position in shares of Fortis by 123.9% in the 3rd quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider’s stock valued at $37,000 after acquiring an additional 409 shares during the period. Finally, LOM Asset Management Ltd acquired a new position in shares of Fortis during the 4th quarter worth about $43,000. 57.77% of the stock is currently owned by institutional investors.

Fortis Stock Performance

NYSE FTS opened at $58.58 on Friday. The firm has a 50-day moving average price of $56.75 and a two-hundred day moving average price of $55.95. Fortis has a 12-month low of $48.28 and a 12-month high of $59.08. The company has a market capitalization of $29.93 billion, a P/E ratio of 23.81 and a beta of 0.43. The company has a quick ratio of 0.41, a current ratio of 0.49 and a debt-to-equity ratio of 1.25.

Fortis (NYSE:FTS) last announced its earnings results on Wednesday, May 6th. The utilities provider reported $0.72 EPS for the quarter, topping the consensus estimate of $0.70 by $0.02. Fortis had a net margin of 14.21% and a return on equity of 7.25%. The company had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.56 billion. During the same period last year, the firm earned $1.00 earnings per share. Analysts anticipate that Fortis will post 2.58 earnings per share for the current year.

Analysts Set New Price Targets

FTS has been the topic of a number of research analyst reports. BMO Capital Markets reaffirmed a “market perform” rating on shares of Fortis in a report on Thursday, May 7th. TD Securities reiterated a “buy” rating on shares of Fortis in a report on Thursday, May 7th. Weiss Ratings reissued a “buy (b)” rating on shares of Fortis in a research report on Friday, July 17th. Canadian Imperial Bank of Commerce lowered Fortis from an “outperform” rating to a “hold” rating in a research note on Friday, July 17th. Finally, Wall Street Zen cut Fortis from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. Five equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $61.00.

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.