Andra AP fonden Raises Stock Position in Fortis $FTS

Andra AP fonden boosted its stake in shares of Fortis (NYSE:FTS) by 292.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 128,099 shares of the utilities provider’s stock after acquiring an additional 95,445 shares during the quarter. Andra AP fonden’s holdings in Fortis were worth $7,147,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in FTS. JCIC Asset Management Inc. grew its holdings in Fortis by 5.0% during the 4th quarter. JCIC Asset Management Inc. now owns 5,990 shares of the utilities provider’s stock valued at $311,000 after purchasing an additional 285 shares during the last quarter. Addison Capital Co boosted its position in shares of Fortis by 0.9% during the first quarter. Addison Capital Co now owns 32,797 shares of the utilities provider’s stock valued at $1,830,000 after buying an additional 289 shares during the period. Public Sector Pension Investment Board boosted its position in shares of Fortis by 0.6% during the second quarter. Public Sector Pension Investment Board now owns 48,548 shares of the utilities provider’s stock valued at $2,313,000 after buying an additional 300 shares during the period. Wellington Management Group LLP grew its stake in shares of Fortis by 0.8% during the fourth quarter. Wellington Management Group LLP now owns 37,822 shares of the utilities provider’s stock valued at $1,969,000 after buying an additional 316 shares during the last quarter. Finally, Royal London Asset Management Ltd. grew its stake in shares of Fortis by 0.9% during the second quarter. Royal London Asset Management Ltd. now owns 34,938 shares of the utilities provider’s stock valued at $1,668,000 after buying an additional 325 shares during the last quarter. Hedge funds and other institutional investors own 57.77% of the company’s stock.

Fortis Stock Up 1.3%

Shares of NYSE:FTS opened at $58.34 on Thursday. Fortis has a 52-week low of $48.28 and a 52-week high of $59.08. The stock has a market cap of $29.81 billion, a P/E ratio of 23.72 and a beta of 0.43. The business’s 50 day moving average is $56.70 and its 200 day moving average is $55.90. The company has a quick ratio of 0.41, a current ratio of 0.49 and a debt-to-equity ratio of 1.25.

Fortis (NYSE:FTS) last issued its earnings results on Wednesday, May 6th. The utilities provider reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.02. Fortis had a return on equity of 7.25% and a net margin of 14.21%.The business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.56 billion. During the same period in the previous year, the company posted $1.00 EPS. Sell-side analysts predict that Fortis will post 2.58 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently issued reports on FTS. Weiss Ratings reissued a “buy (b)” rating on shares of Fortis in a research note on Friday, July 17th. Canadian Imperial Bank of Commerce downgraded Fortis from an “outperform” rating to a “hold” rating in a research report on Friday, July 17th. Wall Street Zen lowered Fortis from a “hold” rating to a “sell” rating in a research note on Saturday, May 23rd. Barclays decreased their target price on Fortis from $62.00 to $61.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. Finally, BMO Capital Markets reissued a “market perform” rating on shares of Fortis in a research note on Thursday, May 7th. Five research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $61.00.

About Fortis

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.