Fortis (NYSE:FTS) Upgraded to “Sector Outperform” by Howard Weil

Howard Weil upgraded shares of Fortis (NYSE:FTS) from a sector perform rating to a sector outperform rating in a research note published on Wednesday morning, Briefing.com Automated Import reports.

Several other research firms have also weighed in on FTS. Zacks Investment Research upgraded Fortis from a hold rating to a buy rating and set a $44.00 price target on the stock in a research report on Tuesday, November 12th. TheStreet cut shares of Fortis from a b- rating to a c+ rating in a report on Monday, November 11th. Bank of America raised their price objective on Fortis from $56.00 to $58.00 and gave the company a buy rating in a research report on Thursday, September 12th. Raymond James reiterated a hold rating and set a $55.00 price objective on shares of Fortis in a research note on Monday, November 25th. Finally, Wells Fargo & Co boosted their target price on Fortis from $59.00 to $61.00 and gave the stock an outperform rating in a report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $55.63.

Shares of NYSE FTS traded down $0.07 during midday trading on Wednesday, hitting $39.74. 582,757 shares of the company traded hands, compared to its average volume of 392,539. Fortis has a 12-month low of $31.80 and a 12-month high of $42.80. The firm has a market cap of $17.13 billion, a P/E ratio of 20.81, a P/E/G ratio of 3.51 and a beta of 0.11. The stock has a 50-day moving average price of $40.52 and a 200 day moving average price of $40.33. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.46 and a current ratio of 0.56.

Fortis (NYSE:FTS) last issued its quarterly earnings data on Friday, November 1st. The utilities provider reported $0.50 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.01. Fortis had a net margin of 12.72% and a return on equity of 6.75%. The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.59 billion. During the same period last year, the business posted $0.65 earnings per share. As a group, equities analysts expect that Fortis will post 1.96 earnings per share for the current year.

The firm also recently announced a — dividend, which was paid on Sunday, December 1st. Shareholders of record on Tuesday, November 19th were issued a $0.3631 dividend. This represents a dividend yield of 3.5%. The ex-dividend date of this dividend was Monday, November 18th. Fortis’s payout ratio is 75.39%.

Several large investors have recently made changes to their positions in the company. First Mercantile Trust Co. boosted its holdings in shares of Fortis by 1.4% during the 2nd quarter. First Mercantile Trust Co. now owns 19,299 shares of the utilities provider’s stock valued at $762,000 after acquiring an additional 271 shares during the last quarter. Flinton Capital Management LLC boosted its holdings in Fortis by 23.8% in the second quarter. Flinton Capital Management LLC now owns 2,080 shares of the utilities provider’s stock worth $79,000 after purchasing an additional 400 shares during the last quarter. Riverhead Capital Management LLC boosted its holdings in Fortis by 27.8% in the second quarter. Riverhead Capital Management LLC now owns 2,300 shares of the utilities provider’s stock worth $87,000 after purchasing an additional 500 shares during the last quarter. Meadow Creek Investment Management LLC grew its position in Fortis by 23.8% in the 2nd quarter. Meadow Creek Investment Management LLC now owns 2,860 shares of the utilities provider’s stock worth $109,000 after purchasing an additional 550 shares during the period. Finally, Glen Harbor Capital Management LLC grew its position in Fortis by 23.8% in the 2nd quarter. Glen Harbor Capital Management LLC now owns 3,640 shares of the utilities provider’s stock worth $138,000 after purchasing an additional 700 shares during the period. 52.10% of the stock is currently owned by hedge funds and other institutional investors.

Fortis Company Profile

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.

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Analyst Recommendations for Fortis (NYSE:FTS)

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