Fortis (NYSE:FTS) Upgraded to Hold at StockNews.com

Fortis (NYSE:FTSGet Free Report) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.

Fortis Trading Down 1.1 %

Fortis stock opened at $40.46 on Tuesday. Fortis has a 52 week low of $36.30 and a 52 week high of $43.84. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.52 and a current ratio of 0.60. The stock has a market capitalization of $19.94 billion, a P/E ratio of 17.44, a PEG ratio of 2.92 and a beta of 0.43. The stock has a 50-day simple moving average of $39.47 and a 200 day simple moving average of $40.01.

Fortis (NYSE:FTSGet Free Report) last issued its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.04. The firm had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.43 billion. Fortis had a net margin of 13.66% and a return on equity of 7.02%. Analysts expect that Fortis will post 2.33 earnings per share for the current year.

Institutional Investors Weigh In On Fortis

Hedge funds have recently bought and sold shares of the stock. Invesco Ltd. lifted its position in Fortis by 8.4% during the third quarter. Invesco Ltd. now owns 1,845,400 shares of the utilities provider’s stock worth $70,107,000 after acquiring an additional 142,731 shares during the last quarter. Clearbridge Investments LLC acquired a new stake in shares of Fortis in the fourth quarter valued at approximately $119,043,000. Vanguard Group Inc. raised its position in shares of Fortis by 1.9% in the third quarter. Vanguard Group Inc. now owns 19,421,010 shares of the utilities provider’s stock valued at $737,804,000 after buying an additional 353,112 shares in the last quarter. Canoe Financial LP boosted its stake in shares of Fortis by 218.3% in the fourth quarter. Canoe Financial LP now owns 199,031 shares of the utilities provider’s stock valued at $8,186,000 after buying an additional 136,495 shares during the period. Finally, QV Investors Inc. boosted its stake in shares of Fortis by 18.1% in the fourth quarter. QV Investors Inc. now owns 1,016,319 shares of the utilities provider’s stock valued at $42,014,000 after buying an additional 155,821 shares during the period. 57.77% of the stock is currently owned by institutional investors and hedge funds.

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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