Value Partners Investments Inc. lowered its position in Fortis (NYSE:FTS – Free Report) by 12.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 98,796 shares of the utilities provider’s stock after selling 14,247 shares during the quarter. Fortis comprises approximately 0.4% of Value Partners Investments Inc.’s investment portfolio, making the stock its 29th biggest holding. Value Partners Investments Inc.’s holdings in Fortis were worth $5,501,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Fortis in the 4th quarter valued at about $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its holdings 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 acquiring an additional 428 shares during the last quarter. Larson Financial Group LLC lifted its holdings 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 acquiring an additional 409 shares during the last quarter. LOM Asset Management Ltd bought a new position in shares of Fortis during the 4th quarter valued at about $43,000. Finally, Smartleaf Asset Management LLC boosted its position in shares of Fortis by 2,119.1% during 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. Institutional investors and hedge funds own 57.77% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research firms recently commented on FTS. BMO Capital Markets reiterated a “market perform” rating on shares of Fortis in a report on Thursday, May 7th. Weiss Ratings restated a “buy (b)” rating on shares of Fortis in a research report on Tuesday, April 21st. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Fortis in a 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. Finally, Barclays reduced their price objective on Fortis from $62.00 to $61.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. Six equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $61.00.
Fortis Stock Performance
Fortis stock opened at $58.20 on Friday. Fortis has a fifty-two week low of $46.46 and a fifty-two week high of $58.78. The firm’s 50 day simple moving average is $56.23 and its 200-day simple moving average is $55.09. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.49 and a quick ratio of 0.41. The company has a market cap of $29.63 billion, a P/E ratio of 23.66 and a beta of 0.43.
Fortis (NYSE:FTS – Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The utilities provider reported $0.72 EPS 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 firm had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.56 billion. During the same quarter last year, the business posted $1.00 EPS. As a group, equities research analysts predict that Fortis will post 2.64 EPS for the current year.
Fortis 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.
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