OMERS ADMINISTRATION Corp Makes New $16.68 Million Investment in Fortis $FTS

OMERS ADMINISTRATION Corp bought a new stake in Fortis (NYSE:FTS) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 300,000 shares of the utilities provider’s stock, valued at approximately $16,684,000.

Several other hedge funds have also made changes to their positions in the company. Scarborough Advisors LLC acquired a new stake in shares of Fortis during the 1st quarter worth approximately $29,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Fortis during the 4th quarter valued at approximately $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted 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 acquiring an additional 428 shares during the last quarter. Larson Financial Group LLC lifted its holdings in 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 acquiring an additional 409 shares during the last quarter. Finally, LOM Asset Management Ltd purchased a new position in Fortis in the fourth quarter worth approximately $43,000. Hedge funds and other institutional investors own 57.77% of the company’s stock.

Fortis Stock Performance

NYSE:FTS opened at $58.86 on Friday. Fortis has a fifty-two week low of $48.28 and a fifty-two week high of $59.21. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.41 and a current ratio of 0.49. The company has a 50 day moving average price of $56.83 and a 200 day moving average price of $55.97. The stock has a market capitalization of $30.07 billion, a P/E ratio of 23.93 and a beta of 0.43.

Fortis (NYSE:FTS) last announced its earnings results on Wednesday, May 6th. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.02. The company had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.56 billion. Fortis had a return on equity of 7.25% and a net margin of 14.21%.During the same quarter in the previous year, the company earned $1.00 earnings per share. Equities research analysts forecast that Fortis will post 2.58 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on FTS. Weiss Ratings reissued a “buy (b)” rating on shares of Fortis in a research note on Friday, July 17th. Wall Street Zen lowered Fortis from a “hold” rating to a “sell” rating in a research note on Saturday, May 23rd. BMO Capital Markets reiterated a “market perform” rating on shares of Fortis in a report on Thursday, May 7th. Canadian Imperial Bank of Commerce downgraded Fortis from an “outperform” rating to a “hold” rating in a research report on Friday, July 17th. Finally, Barclays reduced their price objective on shares of Fortis from $62.00 to $61.00 and set an “overweight” rating on the stock in a report on Friday, May 8th. Five research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $61.00.

Fortis Company 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.