Fortis (NYSE:FTS) Now Covered by Analysts at Desjardins

Equities research analysts at Desjardins initiated coverage on shares of Fortis (NYSE:FTS) in a research note issued on Tuesday, Marketbeat Ratings reports. The brokerage set a “hold” rating on the utilities provider’s stock.

Separately, Jefferies Financial Group started coverage on Fortis in a research report on Thursday, February 13th. They set a “hold” rating on the stock. Two equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold”.

Fortis Stock Up 1.1 %

NYSE FTS traded up $0.54 during mid-day trading on Tuesday, reaching $49.27. The stock had a trading volume of 195,577 shares, compared to its average volume of 622,413. The stock has a market cap of $24.71 billion, a PE ratio of 20.86, a price-to-earnings-growth ratio of 3.94 and a beta of 0.50. The company has a fifty day moving average price of $46.05 and a 200 day moving average price of $44.20. Fortis has a 1 year low of $38.15 and a 1 year high of $51.13. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.63 and a quick ratio of 0.63.

Fortis (NYSE:FTS) last announced its quarterly earnings results on Friday, February 14th. The utilities provider reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Fortis had a net margin of 14.12% and a return on equity of 7.09%. The firm had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.08 billion. During the same period in the previous year, the business posted $0.72 earnings per share. On average, research analysts expect that Fortis will post 2.35 earnings per share for the current year.

Hedge Funds Weigh In On Fortis

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Blue Trust Inc. lifted its stake in shares of Fortis by 724.3% during the fourth quarter. Blue Trust Inc. now owns 577 shares of the utilities provider’s stock worth $26,000 after buying an additional 507 shares during the period. Cullen Frost Bankers Inc. purchased a new stake in Fortis during the first quarter worth $28,000. Golden State Wealth Management LLC acquired a new position in Fortis in the 4th quarter worth about $38,000. Versant Capital Management Inc grew its holdings in Fortis by 34.1% in the fourth quarter. Versant Capital Management Inc now owns 1,006 shares of the utilities provider’s stock valued at $42,000 after purchasing an additional 256 shares during the period. Finally, Farther Finance Advisors LLC increased its holdings in Fortis by 286.7% in the 1st quarter. Farther Finance Advisors LLC now owns 1,106 shares of the utilities provider’s stock worth $51,000 after acquiring an additional 820 shares in the last quarter. Hedge funds and other institutional investors own 57.77% of the company’s stock.

About Fortis

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.