Fortis (FTS) Upgraded to Hold by Zacks Investment Research

Fortis (NYSE:FTS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday.

According to Zacks, “Fortis, Inc. is engaged in electric and gas utility business. The Company offers regulated utilities comprised of electric and gas as well as engages in non-regulated hydroelectric operations. It operates primarily in Canada, United States and Caribbean. Fortis, Inc. is based in St John’s, Canada. “

Other equities analysts have also recently issued reports about the stock. UBS started coverage on shares of Fortis in a research note on Tuesday, May 1st. They issued a “buy” rating for the company. Raymond James raised shares of Fortis from a “market perform” rating to an “outperform” rating in a research note on Friday, February 9th. CIBC raised shares of Fortis from a “neutral” rating to a “sector outperform” rating in a research note on Thursday, February 15th. They noted that the move was a valuation call. Scotiabank cut shares of Fortis from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, May 1st. Finally, National Bank Financial raised Fortis from an “underperform” rating to a “sector perform” rating in a report on Friday, February 16th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $45.00.



Shares of Fortis traded up $0.17, hitting $32.65, during midday trading on Wednesday, Marketbeat.com reports. The stock had a trading volume of 198,638 shares, compared to its average volume of 288,842. Fortis has a 12 month low of $31.41 and a 12 month high of $38.24. The company has a current ratio of 0.63, a quick ratio of 0.54 and a debt-to-equity ratio of 1.38. The stock has a market capitalization of $13.71 billion, a PE ratio of 16.74, a P/E/G ratio of 2.94 and a beta of -0.20.

Fortis (NYSE:FTS) last released its earnings results on Tuesday, May 1st. The utilities provider reported $0.55 earnings per share for the quarter, meeting the consensus estimate of $0.55. Fortis had a net margin of 12.06% and a return on equity of 6.92%. The business had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.69 billion. During the same period last year, the business earned $0.69 earnings per share. equities analysts predict that Fortis will post 2 earnings per share for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the business. Ladenburg Thalmann Financial Services Inc. lifted its holdings in Fortis by 203.9% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,878 shares of the utilities provider’s stock valued at $106,000 after purchasing an additional 1,931 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in Fortis by 0.7% during the 4th quarter. Envestnet Asset Management Inc. now owns 303,956 shares of the utilities provider’s stock valued at $11,146,000 after purchasing an additional 2,058 shares during the last quarter. Bank of Hawaii lifted its holdings in Fortis by 19.7% during the 1st quarter. Bank of Hawaii now owns 12,833 shares of the utilities provider’s stock valued at $433,000 after purchasing an additional 2,113 shares during the last quarter. BB&T Securities LLC lifted its holdings in Fortis by 3.9% during the 4th quarter. BB&T Securities LLC now owns 56,733 shares of the utilities provider’s stock valued at $2,080,000 after purchasing an additional 2,127 shares during the last quarter. Finally, Farmers & Merchants Investments Inc. lifted its holdings in Fortis by 2.6% during the 4th quarter. Farmers & Merchants Investments Inc. now owns 90,888 shares of the utilities provider’s stock valued at $3,333,000 after purchasing an additional 2,308 shares during the last quarter. 50.21% of the stock is owned by institutional investors and hedge funds.

Fortis Company Profile

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 422,000 retail customers in southeastern Arizona; and 96,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 2,834 megawatts (MW), including 64 MW of solar capacity.

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