Fortis (FTS) Upgraded to Hold by Zacks Investment Research

Fortis (NYSE:FTS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday.

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, Bank of America started coverage on Fortis in a report on Tuesday, October 9th. They issued a “buy” rating for the company. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $45.00.

Shares of FTS stock traded up $0.28 on Friday, hitting $34.54. The company had a trading volume of 247,400 shares, compared to its average volume of 289,940. The stock has a market cap of $14.37 billion, a PE ratio of 17.71, a price-to-earnings-growth ratio of 3.50 and a beta of -0.16. The company has a quick ratio of 0.49, a current ratio of 0.59 and a debt-to-equity ratio of 1.37. Fortis has a twelve month low of $30.88 and a twelve month high of $38.24.

Fortis (NYSE:FTS) last issued its quarterly earnings data on Friday, November 2nd. The utilities provider reported $0.50 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.01. The business had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Fortis had a return on equity of 6.80% and a net margin of 11.72%. During the same quarter in the previous year, the firm posted $0.61 EPS. Sell-side analysts anticipate that Fortis will post 1.93 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cumberland Partners Ltd acquired a new position in Fortis in the 2nd quarter worth about $184,000. Trexquant Investment LP acquired a new position in Fortis in the 2nd quarter worth about $202,000. Wetherby Asset Management Inc. acquired a new position in Fortis in the 3rd quarter worth about $213,000. Gluskin Sheff & Assoc Inc. acquired a new position in Fortis in the 3rd quarter worth about $216,000. Finally, US Bancorp DE raised its holdings in Fortis by 98.2% in the 2nd quarter. US Bancorp DE now owns 8,187 shares of the utilities provider’s stock worth $261,000 after purchasing an additional 4,057 shares during the period. 50.18% of the stock is owned by institutional investors.

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.

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