Brokerages Set Fortis (NYSE:FTS) Price Target at $61.00

Fortis (NYSE:FTS) has received an average recommendation of “Moderate Buy” from the eleven analysts that are presently covering the company, Marketbeat reports. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $61.00.

A number of research analysts have issued reports on the company. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Fortis in a report on Monday, April 20th. TD Securities reissued a “buy” rating on shares of Fortis in a report on Thursday, May 7th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Fortis in a report on Friday, February 13th. Wall Street Zen downgraded shares of Fortis from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. Finally, Scotiabank reiterated a “sector perform” rating on shares of Fortis in a research report on Friday, February 13th.

Fortis Stock Up 0.9%

Shares of NYSE FTS opened at $56.90 on Wednesday. The stock has a market cap of $28.97 billion, a PE ratio of 23.13 and a beta of 0.43. The business has a fifty day moving average of $56.27 and a two-hundred day moving average of $54.73. Fortis has a 52-week low of $46.46 and a 52-week high of $58.78. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.41 and a current ratio of 0.49.

Fortis (NYSE:FTS) last issued its quarterly earnings data 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 during 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 last year, the business earned $1.00 earnings per share. As a group, equities research analysts expect that Fortis will post 2.64 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in FTS. AQR Capital Management LLC acquired a new position in Fortis during the 1st quarter worth about $311,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Fortis by 19.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 565,150 shares of the utilities provider’s stock worth $25,760,000 after buying an additional 90,776 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in Fortis by 148.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,902 shares of the utilities provider’s stock worth $139,000 after buying an additional 1,732 shares in the last quarter. Baird Financial Group Inc. lifted its position in Fortis by 3.4% during the 2nd quarter. Baird Financial Group Inc. now owns 33,996 shares of the utilities provider’s stock worth $1,623,000 after buying an additional 1,109 shares in the last quarter. Finally, Cerity Partners LLC lifted its position in Fortis by 4.4% during the 2nd quarter. Cerity Partners LLC now owns 10,343 shares of the utilities provider’s stock worth $494,000 after buying an additional 439 shares in the last quarter. Institutional investors and hedge funds own 57.77% of the company’s stock.

About Fortis

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.