Zacks Investment Research Upgrades Fortis (NYSE:FTS) to Hold

Fortis (NYSE:FTSGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, 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 research firms have also commented on FTS. UBS Group lowered Fortis from a “buy” rating to a “neutral” rating and set a $61.00 price target for the company. in a research report on Wednesday, January 5th. CIBC lowered their price target on Fortis from C$61.00 to C$60.00 in a research report on Monday, February 14th. Scotiabank lowered their price target on Fortis from C$61.00 to C$60.00 in a research report on Monday, February 14th. Finally, StockNews.com began coverage on Fortis in a report on Thursday, March 31st. They issued a “hold” rating for the company. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $58.50.

FTS stock traded up $0.08 during midday trading on Wednesday, hitting $51.12. 390,182 shares of the company’s stock were exchanged, compared to its average volume of 546,285. The business has a 50-day simple moving average of $47.66 and a two-hundred day simple moving average of $46.34. The company has a current ratio of 0.57, a quick ratio of 0.47 and a debt-to-equity ratio of 1.25. The stock has a market capitalization of $24.28 billion, a PE ratio of 24.82, a P/E/G ratio of 3.84 and a beta of 0.33. Fortis has a 1-year low of $43.12 and a 1-year high of $51.66.

Fortis (NYSE:FTSGet Rating) last posted its earnings results on Friday, February 11th. The utilities provider reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by ($0.07). The business had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2.34 billion. Fortis had a return on equity of 6.43% and a net margin of 13.18%. During the same period last year, the business earned $0.53 EPS. As a group, research analysts expect that Fortis will post 2.26 EPS for the current fiscal year.

Several large investors have recently made changes to their positions in FTS. Industrial Alliance Investment Management Inc. acquired a new position in Fortis in the 4th quarter valued at $99,000. Advisors Asset Management Inc. acquired a new position in Fortis in the 4th quarter valued at $149,000. Assenagon Asset Management S.A. acquired a new stake in shares of Fortis during the 3rd quarter worth $204,000. Mitchell & Pahl Private Wealth LLC acquired a new stake in shares of Fortis during the 3rd quarter worth $218,000. Finally, Lombard Odier Asset Management Switzerland SA acquired a new stake in shares of Fortis during the 4th quarter worth $221,000. 47.41% of the stock is currently owned by institutional investors and hedge funds.

About Fortis (Get Rating)

Fortis, Inc is a holding company, which engages in energy generation and distribution. It operates through the following business segments: Regulated Utilities and Non-Regulated. The Regulated Utilities segment is composed of ITC, which contains mainly of the electric transmission operations of the ITC regulated operating subsidiaries; UNS Energy that offers vertically integrated utility services; Central Hudson, which provides regulated electric and gas T&D utility services; FortisBC Energy distributes natural gas in British Columbia; FortisAlberta, which involves in the ownership and operation of regulated electricity distribution facilities; FortisBC Electric includes the ownership of hydroelectric generating plants, high voltage transmission lines, and a large network of distribution assets; and Other Electric that contains utilities in the eastern Canada and Caribbean.

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