Fortis (NYSE:FTS) Stock Rating Upgraded by Wall Street Zen

Fortis (NYSE:FTS) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Sunday.

Other analysts also recently issued research reports about the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortis in a report on Thursday, January 22nd. Scotiabank reissued a “sector perform” rating on shares of Fortis in a report on Friday, February 13th. Royal Bank Of Canada restated a “sector perform” rating on shares of Fortis in a research report on Friday, February 13th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Fortis in a report on Friday, February 13th. Finally, TD Securities reissued a “buy” rating on shares of Fortis in a research note on Tuesday, February 17th. Five research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.00.

Fortis Price Performance

Shares of NYSE FTS opened at $55.17 on Friday. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.51 and a quick ratio of 0.42. The stock has a fifty day moving average price of $55.33 and a 200 day moving average price of $52.50. Fortis has a 1-year low of $43.28 and a 1-year high of $58.78. The company has a market cap of $27.99 billion, a PE ratio of 22.61, a P/E/G ratio of 4.59 and a beta of 0.49.

Fortis (NYSE:FTS) last posted its quarterly earnings data on Thursday, February 12th. The utilities provider reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.03. The firm had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.54 billion. Fortis had a net margin of 14.24% and a return on equity of 7.24%. During the same period last year, the firm posted $0.83 EPS. Sell-side analysts forecast that Fortis will post 2.35 EPS for the current year.

Institutional Trading of Fortis

A number of institutional investors have recently added to or reduced their stakes in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in Fortis in the fourth quarter valued at about $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA boosted 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 acquiring an additional 428 shares in the last quarter. Larson Financial Group LLC grew 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 worth $37,000 after acquiring an additional 409 shares during the period. LOM Asset Management Ltd acquired a new stake in shares of Fortis in the 4th quarter worth approximately $43,000. Finally, Smartleaf Asset Management LLC increased its stake in Fortis by 2,119.1% in the 2nd quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider’s stock valued at $49,000 after purchasing an additional 996 shares in the last quarter. Hedge funds and other 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.