Fortis (NYSE:FTS) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Fortis (NYSE:FTS) have been assigned an average rating of “Moderate Buy” from the eleven ratings firms that are presently covering the firm, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $61.00.

Several research analysts have commented on FTS shares. TD Securities restated a “buy” rating on shares of Fortis in a report on Thursday, May 7th. Barclays decreased their price objective on shares of Fortis from $62.00 to $61.00 and set an “overweight” rating for the company in a report on Friday, May 8th. BMO Capital Markets restated a “market perform” rating on shares of Fortis in a report on Thursday, May 7th. Weiss Ratings reiterated a “buy (b)” rating on shares of Fortis in a research note on Tuesday, April 21st. Finally, Scotiabank reiterated a “sector perform” rating on shares of Fortis in a research note on Friday, February 13th.

Fortis Stock Down 2.9%

Shares of NYSE FTS opened at $54.79 on Friday. The company has a current ratio of 0.49, a quick ratio of 0.41 and a debt-to-equity ratio of 1.25. Fortis has a 12 month low of $46.46 and a 12 month high of $58.78. The firm has a market capitalization of $27.89 billion, a PE ratio of 22.27 and a beta of 0.45. The firm has a fifty day simple moving average of $56.63 and a two-hundred day simple moving average of $54.09.

Fortis (NYSE:FTS) last issued its quarterly earnings data 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 business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.56 billion. During the same period in the prior year, the business earned $1.00 EPS. Equities analysts expect that Fortis will post 2.65 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Scarborough Advisors LLC bought a new position in shares of Fortis in the 1st quarter worth about $29,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Fortis in the 4th quarter worth about $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its stake 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 worth $36,000 after acquiring an additional 428 shares in the last quarter. Larson Financial Group LLC increased its stake 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 worth $37,000 after acquiring an additional 409 shares in the last quarter. Finally, LOM Asset Management Ltd bought a new position in shares of Fortis in the 4th quarter worth about $43,000. 57.77% of the stock is currently owned by institutional investors.

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.