Fortis (NYSE:FTS) Stock Rating Cut to “Hold” at Raymond James Financial

Fortis (NYSE:FTS) was downgraded by investment analysts at Raymond James Financial from a “moderate buy” rating to a “hold” rating in a research note issued to investors on Wednesday, Zacks reports.

Several other equities analysts have also recently commented on the company. Barclays reduced their target price on Fortis from $60.00 to $56.00 and set an “overweight” rating for the company in a research note on Tuesday, September 29th. Scotiabank restated a “sector perform” rating on shares of Fortis in a research note on Tuesday, August 4th. Royal Bank Of Canada lifted their price target on shares of Fortis from $80.00 to $89.00 and gave the stock a “sector perform” rating in a research note on Monday, August 3rd. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Fortis in a report on Wednesday, October 28th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Fortis in a research note on Thursday, October 15th. Three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $65.00.

Fortis Stock Up 2.0%

Shares of NYSE FTS opened at $60.93 on Wednesday. Fortis has a 1 year low of $49.99 and a 1 year high of $60.98. The firm has a market cap of $31.43 billion, a price-to-earnings ratio of 23.99 and a beta of 0.42. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.47 and a current ratio of 0.56. The stock’s 50-day simple moving average is $55.04 and its 200-day simple moving average is $55.99.

Fortis (NYSE:FTS) last released its quarterly earnings results on Tuesday, November 3rd. The utilities provider reported $0.66 EPS for the quarter, topping the consensus estimate of $0.63 by $0.03. Fortis had a return on equity of 7.46% and a net margin of 14.66%. The business had revenue of $2.12 billion for the quarter, compared to analysts’ expectations of $2.27 billion. As a group, equities analysts anticipate that Fortis will post 2.56 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fortis

Hedge funds have recently added to or reduced their stakes in the business. CoreCap Advisors LLC increased its stake in Fortis by 78.4% during the third quarter. CoreCap Advisors LLC now owns 544 shares of the utilities provider’s stock valued at $29,000 after purchasing an additional 239 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Fortis by 10.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,121 shares of the utilities provider’s stock worth $174,000 after buying an additional 308 shares during the last quarter. Syon Capital LLC lifted its position in shares of Fortis by 3.8% in the 2nd quarter. Syon Capital LLC now owns 8,714 shares of the utilities provider’s stock worth $499,000 after buying an additional 316 shares during the last quarter. J. Safra Sarasin Holding AG lifted its position in shares of Fortis by 4.8% in the 1st quarter. J. Safra Sarasin Holding AG now owns 7,110 shares of the utilities provider’s stock worth $395,000 after buying an additional 326 shares during the last quarter. Finally, Parallel Advisors LLC boosted its holdings in shares of Fortis by 13.1% in the 1st quarter. Parallel Advisors LLC now owns 2,826 shares of the utilities provider’s stock valued at $158,000 after buying an additional 327 shares during the period. Institutional investors and hedge funds own 57.77% of the company’s stock.

Fortis News Summary

Here are the key news stories impacting Fortis this week:

• Positive Sentiment: Fortis earned $0.66 per share, above the $0.63 consensus and up from $0.59 a year earlier. The earnings call also highlighted record growth investment and a new five-year capital outlook. Fortis Earnings Call Highlights Record Growth Investment
• Positive Sentiment: The company raised its quarterly dividend 3.9% to C$0.67 per share, equivalent to an indicated annual yield of about 4.5%. The dividend increase may appeal to income-focused investors. Fortis Q3 results, capital outlook and dividend announcement
• Negative Sentiment: Quarterly revenue of $2.12 billion was below analysts’ $2.27 billion estimate, tempering the positive earnings surprise. Fortis Q3 earnings and revenue report

Fortis Company Profile

Fortis Inc is a Canadian utility holding company that owns and operates regulated electric and natural gas utilities. Its businesses are primarily focused on the transmission and distribution of electricity, natural gas distribution, and related energy infrastructure.

Through its portfolio of utility subsidiaries, Fortis serves customers across Canada and the United States, with additional operations in the Caribbean. Its businesses include electric utilities, natural gas utilities, and electric transmission assets, providing essential energy services to residential, commercial, and industrial customers.

Fortis has expanded from its Canadian utility origins through acquisitions and investments in regulated infrastructure.