According to Zacks, “Fortis, Inc. is engaged in electric and gas utility business. The Company offers regulated utilities comprised of electric and gas as well as engages in non-regulated hydroelectric operations. It operates primarily in Canada, United States and Caribbean. Fortis, Inc. is based in St John’s, Canada. “
Several other equities analysts also recently issued reports on the stock. Bank of America set a $54.00 price objective on shares of Fortis and gave the company a buy rating in a research note on Thursday, May 2nd. ValuEngine downgraded shares of Verso from a hold rating to a sell rating in a research note on Thursday, May 23rd. Raymond James set a $86.00 price objective on shares of Gilead Sciences and gave the company a buy rating in a research note on Tuesday, April 23rd. BMO Capital Markets reissued a buy rating and set a $50.00 price objective on shares of Fortis in a research note on Tuesday, April 16th. Finally, UBS Group reissued a buy rating on shares of Fortis in a research note on Friday, June 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $52.33.
Shares of FTS opened at $39.96 on Thursday. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 1.37. The stock has a market capitalization of $17.42 billion, a P/E ratio of 20.92, a price-to-earnings-growth ratio of 4.01 and a beta of 0.18. The firm’s 50 day moving average price is $39.07. Fortis has a 1 year low of $31.37 and a 1 year high of $40.47.
Fortis (NYSE:FTS) last announced its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $0.55 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.55. The business had revenue of $1.83 billion for the quarter, compared to the consensus estimate of $1.72 billion. Fortis had a net margin of 12.61% and a return on equity of 6.44%. During the same quarter in the prior year, the firm posted $0.69 earnings per share. As a group, equities research analysts expect that Fortis will post 1.95 earnings per share for the current fiscal year.
A number of large investors have recently bought and sold shares of the business. NumerixS Investment Technologies Inc lifted its position in Fortis by 37.5% during the fourth quarter. NumerixS Investment Technologies Inc now owns 1,100 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 300 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Fortis by 10.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 114,796 shares of the utilities provider’s stock valued at $3,829,000 after purchasing an additional 10,501 shares in the last quarter. Prudential PLC lifted its position in Fortis by 7.8% during the fourth quarter. Prudential PLC now owns 30,500 shares of the utilities provider’s stock valued at $1,017,000 after purchasing an additional 2,200 shares in the last quarter. Geode Capital Management LLC lifted its position in Fortis by 30.3% during the fourth quarter. Geode Capital Management LLC now owns 574,829 shares of the utilities provider’s stock valued at $19,790,000 after purchasing an additional 133,548 shares in the last quarter. Finally, Maven Securities LTD purchased a new position in Fortis during the fourth quarter valued at $258,000. 52.02% of the stock is currently owned by institutional investors.
Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.
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