Fortis (NYSE:FTS) was upgraded by equities research analysts at CIBC from a “neutral” rating to an “outperform” rating in a report released on Tuesday, Marketbeat Ratings reports.
FTS has been the subject of several other research reports. BMO Capital Markets lowered shares of Fortis from an “outperform” rating to a “market perform” rating and set a $55.00 price objective for the company. in a report on Wednesday, September 11th. Bank of America boosted their target price on Fortis from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Thursday, September 12th. TheStreet lowered Fortis from a “b-” rating to a “c+” rating in a research report on Monday, November 11th. UBS Group set a $62.00 price target on Fortis and gave the company a “buy” rating in a report on Friday, September 6th. Finally, Wells Fargo & Co lifted their price objective on Fortis from $59.00 to $61.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. Fortis currently has an average rating of “Hold” and an average price target of $55.63.
Shares of Fortis stock opened at $39.39 on Tuesday. The stock has a market capitalization of $17.13 billion, a P/E ratio of 20.62, a price-to-earnings-growth ratio of 3.51 and a beta of 0.11. The company has a quick ratio of 0.46, a current ratio of 0.56 and a debt-to-equity ratio of 1.32. The company has a 50-day simple moving average of $40.56 and a 200 day simple moving average of $40.32. Fortis has a 12-month low of $31.80 and a 12-month high of $42.80.
Several hedge funds and other institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. grew its stake in shares of Fortis by 40.7% during the second quarter. JPMorgan Chase & Co. now owns 1,195,949 shares of the utilities provider’s stock valued at $47,049,000 after purchasing an additional 345,970 shares during the last quarter. Janus Henderson Group PLC boosted its position in Fortis by 3.3% in the 2nd quarter. Janus Henderson Group PLC now owns 312,353 shares of the utilities provider’s stock valued at $12,358,000 after buying an additional 9,953 shares during the last quarter. Community Financial Services Group LLC boosted its position in Fortis by 2.8% in the 3rd quarter. Community Financial Services Group LLC now owns 101,227 shares of the utilities provider’s stock valued at $4,285,000 after buying an additional 2,798 shares during the last quarter. Duff & Phelps Investment Management Co. increased its stake in shares of Fortis by 4.8% in the 3rd quarter. Duff & Phelps Investment Management Co. now owns 1,712,202 shares of the utilities provider’s stock valued at $72,432,000 after buying an additional 78,936 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in shares of Fortis by 2.2% in the 2nd quarter. Russell Investments Group Ltd. now owns 1,783,736 shares of the utilities provider’s stock valued at $70,578,000 after buying an additional 37,954 shares during the period. 52.10% of the stock is owned by institutional investors.
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 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.
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