Zacks Investment Research cut shares of Fortis Inc. (NYSE:FTS) from a hold rating to a sell rating in a research report report published on Thursday, May 4th.
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. “
Other analysts also recently issued research reports about the company. TheStreet raised Fortis from a d rating to a c rating in a research note on Wednesday, February 22nd. Raymond James Financial, Inc. downgraded Fortis from an outperform rating to a mkt perform rating in a research note on Tuesday, January 17th. JPMorgan Chase & Co. assumed coverage on Fortis in a research report on Monday, February 27th. They issued a neutral rating on the stock. CIBC raised Fortis from a neutral rating to an outperform rating in a research report on Thursday, February 16th. Finally, Barclays PLC restated an overweight rating and set a $37.00 price objective on shares of Fortis in a report on Tuesday, March 28th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. Fortis presently has an average rating of Hold and a consensus target price of $37.50.
Fortis (NYSE:FTS) traded up 0.66% during midday trading on Thursday, reaching $32.15. The company’s stock had a trading volume of 62,727 shares. The company has a market capitalization of $13.37 billion and a price-to-earnings ratio of 20.84. The company’s 50-day moving average price is $32.75 and its 200-day moving average price is $31.74. Fortis has a 1-year low of $29.14 and a 1-year high of $34.66.
Fortis (NYSE:FTS) last posted its earnings results on Tuesday, May 2nd. The utilities provider reported $0.53 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.71 by $0.18. The business had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.50 billion. Fortis had a return on equity of 7.17% and a net margin of 8.22%. The company’s revenue was up 711.8% compared to the same quarter last year. On average, analysts predict that Fortis will post $2.21 earnings per share for the current fiscal year.
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A number of hedge funds have recently modified their holdings of FTS. Russell Investments Group Ltd. bought a new position in Fortis during the fourth quarter worth about $30,152,000. Commerzbank Aktiengesellschaft FI purchased a new stake in Fortis during the fourth quarter valued at approximately $524,000. Comerica Bank purchased a new stake in Fortis during the fourth quarter valued at approximately $500,000. State Street Corp bought a new stake in shares of Fortis during the fourth quarter valued at about $2,773,000. Finally, FNY Partners Fund LP bought a new stake in shares of Fortis during the fourth quarter valued at about $1,161,000. 12.08% of the stock is currently owned by institutional investors and hedge funds.
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