Fortis $FTS Shares Acquired by Healthcare of Ontario Pension Plan Trust Fund

Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Fortis (NYSE:FTS) by 135.0% during the 1st quarter, HoldingsChannel reports. The fund owned 343,072 shares of the utilities provider’s stock after purchasing an additional 197,072 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Fortis were worth $19,133,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Scarborough Advisors LLC acquired a new position in Fortis in the 1st quarter worth about $29,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Fortis in the fourth quarter valued at approximately $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA grew its holdings in Fortis by 157.4% in the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 428 shares during the period. Larson Financial Group LLC increased its position in shares of Fortis by 123.9% in the third quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider’s stock valued at $37,000 after buying an additional 409 shares in the last quarter. Finally, LOM Asset Management Ltd acquired a new position in shares of Fortis during the 4th quarter worth approximately $43,000. Hedge funds and other institutional investors own 57.77% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. TD Securities reissued a “buy” rating on shares of Fortis in a research note on Thursday, May 7th. Canadian Imperial Bank of Commerce cut shares of Fortis from an “outperform” rating to a “hold” rating in a research report on Friday, July 17th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Fortis in a report on Thursday, May 7th. Barclays dropped their target price on shares of Fortis from $62.00 to $61.00 and set an “overweight” rating on the stock in a research report on Friday, May 8th. Finally, Wall Street Zen cut shares of Fortis from a “hold” rating to a “sell” rating in a research note on Saturday, May 23rd. Five equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $61.00.

Fortis Stock Down 0.9%

FTS stock opened at $58.34 on Tuesday. The company has a market cap of $29.80 billion, a price-to-earnings ratio of 23.71 and a beta of 0.43. The company has a current ratio of 0.49, a quick ratio of 0.41 and a debt-to-equity ratio of 1.25. Fortis has a 12 month low of $48.28 and a 12 month high of $59.21. The firm has a 50-day moving average of $56.89 and a two-hundred day moving average of $56.05.

Fortis (NYSE:FTS) last issued its earnings results on Wednesday, May 6th. The utilities provider reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.02. The business had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.56 billion. Fortis had a return on equity of 7.25% and a net margin of 14.21%.During the same period in the previous year, the firm posted $1.00 EPS. As a group, analysts forecast that Fortis will post 2.58 earnings per share for the current fiscal year.

Fortis Profile

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.