Dixon Mitchell Investment Counsel Inc. Purchases Shares of 1,513 Fortis Inc. (NYSE:FTS)

Dixon Mitchell Investment Counsel Inc. bought a new position in Fortis Inc. (NYSE:FTS) during the first quarter, Holdings Channel reports. The firm bought 1,513 shares of the utilities provider’s stock, valued at approximately $60,000.

Other hedge funds have also recently modified their holdings of the company. Lindbrook Capital LLC boosted its stake in shares of Fortis by 111.2% in the fourth quarter. Lindbrook Capital LLC now owns 2,598 shares of the utilities provider’s stock worth $107,000 after buying an additional 1,368 shares during the last quarter. Gulf International Bank UK Ltd raised its holdings in Fortis by 9.0% in the 1st quarter. Gulf International Bank UK Ltd now owns 3,340 shares of the utilities provider’s stock worth $132,000 after purchasing an additional 276 shares during the period. PNC Financial Services Group Inc. raised its holdings in Fortis by 29.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,527 shares of the utilities provider’s stock worth $186,000 after purchasing an additional 1,023 shares during the period. Quadrant Capital Group LLC raised its holdings in Fortis by 20.7% in the 4th quarter. Quadrant Capital Group LLC now owns 4,586 shares of the utilities provider’s stock worth $189,000 after purchasing an additional 786 shares during the period. Finally, Benjamin F. Edwards & Company Inc. raised its holdings in Fortis by 9.4% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 5,228 shares of the utilities provider’s stock worth $215,000 after purchasing an additional 449 shares during the period. Hedge funds and other institutional investors own 57.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut Fortis from a “hold” rating to a “sell” rating in a report on Wednesday, May 29th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $55.13.

Fortis Price Performance

Shares of Fortis stock traded up $0.15 during mid-day trading on Tuesday, reaching $38.76. 346,550 shares of the stock traded hands, compared to its average volume of 767,489. The business has a 50-day moving average of $39.71 and a 200 day moving average of $39.72. Fortis Inc. has a fifty-two week low of $36.30 and a fifty-two week high of $43.84. The stock has a market capitalization of $19.11 billion, a PE ratio of 16.71, a PEG ratio of 2.77 and a beta of 0.45. The company has a quick ratio of 0.52, a current ratio of 0.60 and a debt-to-equity ratio of 1.24.

Fortis (NYSE:FTS) last announced its earnings results on Wednesday, May 1st. The utilities provider reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.04. Fortis had a return on equity of 7.02% and a net margin of 13.66%. The business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.43 billion. On average, analysts predict that Fortis Inc. will post 2.33 EPS for the current year.

Fortis Company Profile

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.