Aaron Wealth Advisors LLC Acquires Shares of 8,960 Fortis $FTS

Aaron Wealth Advisors LLC acquired a new position in shares of Fortis (NYSE:FTS) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 8,960 shares of the utilities provider’s stock, valued at approximately $500,000.

Several other hedge funds also recently made changes to their positions in FTS. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in Fortis in the 4th quarter valued at approximately $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its stake in shares of Fortis by 157.4% during the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider’s stock worth $36,000 after buying an additional 428 shares in the last quarter. Larson Financial Group LLC lifted its holdings 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 buying an additional 409 shares during the period. LOM Asset Management Ltd purchased a new stake in shares of Fortis in the fourth quarter valued at approximately $43,000. Finally, Smartleaf Asset Management LLC boosted its stake in shares of Fortis by 2,119.1% in the second quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider’s stock valued at $49,000 after buying an additional 996 shares in the last quarter. Institutional investors and hedge funds own 57.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on FTS shares. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Fortis in a report on Monday, April 20th. Weiss Ratings restated a “buy (b)” rating on shares of Fortis in a research report on Tuesday, April 21st. BMO Capital Markets reaffirmed 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 report on Thursday, May 7th. Finally, Barclays reduced their price objective on shares of Fortis from $62.00 to $61.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. Six equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Fortis has an average rating of “Moderate Buy” and an average target price of $61.00.

Fortis Stock Performance

Shares of FTS stock opened at $58.20 on Monday. The stock has a fifty day moving average price of $56.23 and a 200 day moving average price of $55.12. The stock has a market cap of $29.63 billion, a PE ratio of 23.66 and a beta of 0.43. Fortis has a 1 year low of $46.46 and a 1 year high of $58.78. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.41 and a current ratio of 0.49.

Fortis (NYSE:FTS) last posted its 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. Fortis had a return on equity of 7.25% and a net margin of 14.21%.The company had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.56 billion. During the same quarter in the prior year, the company earned $1.00 earnings per share. Sell-side analysts forecast that Fortis will post 2.64 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.