Fortis (NYSE:FTS) Receives $61.00 Average Price Target from Analysts

Fortis (NYSE:FTS) has received a consensus rating of “Moderate Buy” from the eleven ratings firms that are covering the firm, Marketbeat.com reports. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $61.00.

A number of analysts have recently weighed in on FTS shares. TD Securities reaffirmed a “buy” rating on shares of Fortis in a report on Thursday, May 7th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Fortis in a report on Monday, April 20th. BMO Capital Markets reissued a “market perform” rating on shares of Fortis in a research note on Thursday, May 7th. Weiss Ratings reissued a “buy (b)” rating on shares of Fortis in a research note on Tuesday, April 21st. Finally, Barclays dropped 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.

Fortis Stock Performance

Shares of Fortis stock opened at $56.90 on Wednesday. The company has a 50 day moving average of $56.27 and a 200-day moving average of $54.76. Fortis has a 1-year low of $46.46 and a 1-year high of $58.78. The company has a current ratio of 0.49, a quick ratio of 0.41 and a debt-to-equity ratio of 1.25. The company has a market cap of $28.97 billion, a PE ratio of 23.13 and a beta of 0.43.

Fortis (NYSE:FTS) last issued its quarterly earnings results on Wednesday, May 6th. The utilities provider reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $2.56 billion. During the same quarter in the prior year, the firm posted $1.00 EPS. As a group, equities research analysts forecast that Fortis will post 2.64 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fortis

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Scarborough Advisors LLC bought a new position in Fortis in the 1st quarter valued at approximately $29,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Fortis in the 4th quarter valued at approximately $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its stake in 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 purchasing an additional 428 shares during the last quarter. Larson Financial Group LLC lifted its stake in 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 purchasing an additional 409 shares during the last quarter. Finally, LOM Asset Management Ltd bought a new position in Fortis in the 4th quarter valued at approximately $43,000. Institutional investors own 57.77% of the company’s stock.

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.