Fortis (NYSE:FTS) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Fortis (NYSE:FTS) from a sell rating to a hold rating in a research note published on Thursday, Zacks.com reports.

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. “

Several other brokerages have also weighed in on FTS. Raymond James set a $86.00 price objective on Gilead Sciences and gave the stock a buy rating in a research report on Tuesday, April 23rd. BMO Capital Markets restated a buy rating and set a $50.00 price target on shares of Fortis in a research report on Tuesday, April 16th. ValuEngine lowered Verso from a hold rating to a sell rating in a research report on Thursday, May 23rd. UBS Group restated a buy rating on shares of Fortis in a research report on Friday, June 7th. Finally, Veritas Investment Research lowered Fortis from a buy rating to a sell rating in a research report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. Fortis presently has a consensus rating of Hold and an average target price of $52.33.

Shares of Fortis stock opened at $39.96 on Thursday. The stock has a market capitalization of $17.42 billion, a price-to-earnings ratio of 20.92, a price-to-earnings-growth ratio of 4.01 and a beta of 0.18. Fortis has a fifty-two week low of $31.37 and a fifty-two week high of $40.47. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 1.37. The stock has a 50 day simple moving average of $39.07.

Fortis (NYSE:FTS) last issued its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $0.55 earnings per share for the quarter, hitting the consensus estimate of $0.55. The company had revenue of $1.83 billion during the quarter, compared to analyst estimates of $1.72 billion. Fortis had a return on equity of 6.44% and a net margin of 12.61%. During the same period in the prior year, the business posted $0.69 earnings per share. Equities research analysts predict that Fortis will post 1.95 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bremer Bank National Association purchased a new position in shares of Fortis during the first quarter worth $27,000. NumerixS Investment Technologies Inc boosted its position in shares of Fortis by 37.5% during the fourth quarter. NumerixS Investment Technologies Inc now owns 1,100 shares of the utilities provider’s stock worth $36,000 after buying an additional 300 shares during the period. Lindbrook Capital LLC boosted its position in shares of Fortis by 55.7% during the first quarter. Lindbrook Capital LLC now owns 1,736 shares of the utilities provider’s stock worth $64,000 after buying an additional 621 shares during the period. Winslow Evans & Crocker Inc. boosted its position in shares of Fortis by 1,617.6% during the first quarter. Winslow Evans & Crocker Inc. now owns 1,752 shares of the utilities provider’s stock worth $66,000 after buying an additional 1,650 shares during the period. Finally, Executive Wealth Management LLC purchased a new position in shares of Fortis during the fourth quarter worth $153,000. Institutional investors and hedge funds own 52.02% 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 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.

Featured Article: Retained Earnings

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.



Comments


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit