Fortis (NYSE:FTS) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Fortis (NYSE:FTSFree Report) from a sell rating to a hold rating in a research report report published on Tuesday morning.

Fortis Stock Performance

NYSE FTS opened at $39.95 on Tuesday. The stock has a market capitalization of $19.78 billion, a price-to-earnings ratio of 17.22, a PEG ratio of 2.84 and a beta of 0.45. The stock’s 50 day moving average price is $39.70 and its two-hundred day moving average price is $39.66. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.52 and a current ratio of 0.60. Fortis has a 52 week low of $36.30 and a 52 week high of $43.84.

Fortis (NYSE:FTSGet Free Report) last released its earnings results on Wednesday, May 1st. The utilities provider reported $0.69 EPS for the quarter, beating the consensus estimate of $0.65 by $0.04. The firm had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Fortis had a return on equity of 7.02% and a net margin of 13.66%. As a group, analysts anticipate that Fortis will post 2.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Fortis by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 20,072,102 shares of the utilities provider’s stock worth $793,049,000 after purchasing an additional 229,972 shares during the last quarter. FIL Ltd increased its holdings in shares of Fortis by 33.8% during the 4th quarter. FIL Ltd now owns 19,477,406 shares of the utilities provider’s stock worth $801,263,000 after acquiring an additional 4,924,031 shares during the last quarter. TD Asset Management Inc increased its holdings in shares of Fortis by 22.3% during the 4th quarter. TD Asset Management Inc now owns 13,380,619 shares of the utilities provider’s stock worth $553,145,000 after acquiring an additional 2,438,223 shares during the last quarter. 1832 Asset Management L.P. increased its holdings in shares of Fortis by 0.9% during the 1st quarter. 1832 Asset Management L.P. now owns 9,103,234 shares of the utilities provider’s stock worth $359,669,000 after acquiring an additional 79,519 shares during the last quarter. Finally, Mackenzie Financial Corp increased its holdings in shares of Fortis by 7.5% during the 4th quarter. Mackenzie Financial Corp now owns 8,080,594 shares of the utilities provider’s stock worth $332,583,000 after acquiring an additional 561,176 shares during the last quarter. Institutional investors and hedge funds own 57.77% of the company’s stock.

Fortis Company Profile

(Get Free Report)

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.

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