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

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

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

Fortis Trading Down 1.0%

Shares of Fortis stock opened at $56.32 on Friday. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.42 and a current ratio of 0.51. The company has a market capitalization of $28.67 billion, a P/E ratio of 23.08, a PEG ratio of 4.74 and a beta of 0.47. Fortis has a 1 year low of $45.87 and a 1 year high of $58.78. The company’s fifty day moving average is $56.75 and its two-hundred day moving average is $53.49.

Fortis (NYSE:FTS) last announced its earnings results on Thursday, February 12th. The utilities provider reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.03. Fortis had a net margin of 14.24% and a return on equity of 7.24%. The business had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same period in the prior year, the company earned $0.83 earnings per share. Analysts forecast that Fortis will post 2.66 earnings per share for the current year.

Hedge Funds Weigh In On Fortis

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Fortis in the 4th quarter valued at approximately $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA grew its holdings in Fortis by 157.4% during the third 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 during the period. Larson Financial Group LLC raised its position in Fortis by 123.9% in the third 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. LOM Asset Management Ltd purchased a new position in Fortis in the fourth quarter worth $43,000. Finally, Smartleaf Asset Management LLC lifted its holdings in Fortis by 2,119.1% in the second quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider’s stock valued at $49,000 after acquiring an additional 996 shares during the period. Institutional investors and hedge funds own 57.77% of the company’s stock.

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.