Zacks Investment Research Upgrades Fortis (FTS) to “Hold”

Share on StockTwits

Fortis (NYSE:FTS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.

According to Zacks, “Fortis, Inc. is engaged in electric and gas utility business. The Company offers regulated utilities comprised of electric and gas as well as engages in non-regulated hydroelectric operations. It operates primarily in Canada, United States and Caribbean. Fortis, Inc. is based in St John’s, Canada. “

Separately, ValuEngine downgraded Fortis from a “hold” rating to a “sell” rating in a research note on Wednesday, June 6th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $45.00.

Shares of Fortis stock opened at $32.66 on Wednesday. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.49 and a current ratio of 0.59. The firm has a market cap of $13.90 billion, a price-to-earnings ratio of 16.75, a price-to-earnings-growth ratio of 3.05 and a beta of -0.15. Fortis has a 1-year low of $30.88 and a 1-year high of $38.24.

Fortis (NYSE:FTS) last announced its earnings results on Tuesday, July 31st. The utilities provider reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.13. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.57 billion. Fortis had a return on equity of 6.75% and a net margin of 11.97%. During the same quarter in the previous year, the business earned $0.61 EPS. research analysts forecast that Fortis will post 1.95 EPS for the current fiscal year.

Several hedge funds have recently modified their holdings of FTS. Toronto Dominion Bank increased its position in shares of Fortis by 28.0% during the 2nd quarter. Toronto Dominion Bank now owns 8,426,529 shares of the utilities provider’s stock valued at $269,575,000 after purchasing an additional 1,845,301 shares during the period. CIBC World Markets Inc. increased its position in shares of Fortis by 20.0% during the 1st quarter. CIBC World Markets Inc. now owns 9,308,470 shares of the utilities provider’s stock valued at $314,347,000 after purchasing an additional 1,550,471 shares during the period. Legal & General Group Plc increased its position in shares of Fortis by 13.1% during the 2nd quarter. Legal & General Group Plc now owns 5,612,767 shares of the utilities provider’s stock valued at $179,282,000 after purchasing an additional 648,382 shares during the period. Intact Investment Management Inc. increased its position in shares of Fortis by 3,641.7% during the 2nd quarter. Intact Investment Management Inc. now owns 583,700 shares of the utilities provider’s stock valued at $24,510,000 after purchasing an additional 568,100 shares during the period. Finally, Franklin Resources Inc. increased its position in shares of Fortis by 9.8% during the 1st quarter. Franklin Resources Inc. now owns 4,583,565 shares of the utilities provider’s stock valued at $154,561,000 after purchasing an additional 410,185 shares during the period. Institutional investors own 50.50% of the company’s stock.

About Fortis

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 422,000 retail customers in southeastern Arizona; and 96,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 2,834 megawatts (MW), including 64 MW of solar capacity.

Further Reading: Average Daily Trade Volume Explained

Get a free copy of the Zacks research report on Fortis (FTS)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Fortis (NYSE:FTS)

Receive News & Ratings for Fortis Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortis and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply