Fortis (NYSE:FTS – Get Free Report) has been assigned a consensus rating of “Moderate Buy” from the eleven research firms that are currently covering the company, MarketBeat reports. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average twelve-month price target among brokers that have covered the stock in the last year is $61.00.
Several brokerages have recently issued reports on FTS. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Fortis in a research report on Monday, April 20th. Wall Street Zen downgraded Fortis from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. Barclays reduced their price objective on Fortis from $62.00 to $61.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. Weiss Ratings reiterated a “buy (b)” rating on shares of Fortis in a research report on Tuesday, April 21st. Finally, TD Securities reissued a “buy” rating on shares of Fortis in a report on Thursday, May 7th.
View Our Latest Research Report on FTS
Fortis Stock Performance
Fortis (NYSE:FTS – Get Free Report) last issued its earnings results on Wednesday, May 6th. The utilities provider reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.02. Fortis had a return on equity of 7.25% and a net margin of 14.21%.The company had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.56 billion. During the same period in the previous year, the firm posted $1.00 earnings per share. As a group, analysts anticipate that Fortis will post 2.64 EPS for the current year.
Institutional Investors Weigh In On Fortis
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. West Family Investments Inc. raised its stake in shares of Fortis by 4.3% during the third quarter. West Family Investments Inc. now owns 5,443 shares of the utilities provider’s stock valued at $276,000 after purchasing an additional 224 shares in the last quarter. Compound Planning Inc. raised its stake in shares of Fortis by 6.6% during the third quarter. Compound Planning Inc. now owns 4,536 shares of the utilities provider’s stock valued at $230,000 after purchasing an additional 281 shares in the last quarter. JCIC Asset Management Inc. raised its stake in shares of Fortis by 5.0% during the fourth quarter. JCIC Asset Management Inc. now owns 5,990 shares of the utilities provider’s stock valued at $311,000 after purchasing an additional 285 shares in the last quarter. Addison Capital Co raised its stake in shares of Fortis by 0.9% during the first quarter. Addison Capital Co now owns 32,797 shares of the utilities provider’s stock valued at $1,830,000 after purchasing an additional 289 shares in the last quarter. Finally, US Bancorp DE raised its stake in shares of Fortis by 1.7% during the third quarter. US Bancorp DE now owns 18,370 shares of the utilities provider’s stock valued at $932,000 after purchasing an additional 300 shares in the last quarter. 57.77% of the stock is currently owned by institutional investors.
About Fortis
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.
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