Value Partners Investments Inc. Has $5.50 Million Position in Fortis $FTS

Value Partners Investments Inc. cut its stake in Fortis (NYSE:FTS) by 12.6% during the first quarter, HoldingsChannel reports. The fund owned 98,796 shares of the utilities provider’s stock after selling 14,247 shares during the quarter. Fortis comprises approximately 0.4% of Value Partners Investments Inc.’s holdings, making the stock its 29th biggest position. Value Partners Investments Inc.’s holdings in Fortis were worth $5,501,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of FTS. Venturi Wealth Management LLC acquired a new position in Fortis in the 1st quarter worth about $288,000. Aaron Wealth Advisors LLC bought a new position in Fortis during the first quarter valued at approximately $500,000. Ritholtz Wealth Management acquired a new stake in Fortis in the first quarter valued at approximately $381,000. Miller Howard Investments Inc. NY increased its stake in shares of Fortis by 7.6% during the 1st quarter. Miller Howard Investments Inc. NY now owns 24,613 shares of the utilities provider’s stock worth $1,373,000 after purchasing an additional 1,735 shares during the last quarter. Finally, Cidel Asset Management Inc. raised its holdings in shares of Fortis by 82.5% during the 1st quarter. Cidel Asset Management Inc. now owns 981,216 shares of the utilities provider’s stock valued at $54,568,000 after purchasing an additional 443,675 shares in the last quarter. Institutional investors and hedge funds own 57.77% of the company’s stock.

Fortis Price Performance

Shares of NYSE:FTS opened at $58.20 on Friday. The business has a 50 day moving average price of $56.23 and a 200 day moving average price of $55.09. Fortis has a twelve month low of $46.46 and a twelve month high of $58.78. The company has a market cap of $29.63 billion, a price-to-earnings ratio of 23.66 and a beta of 0.43. The company has a quick ratio of 0.41, a current ratio of 0.49 and a debt-to-equity ratio of 1.25.

Fortis (NYSE:FTS) last issued its quarterly earnings results on Wednesday, May 6th. The utilities provider reported $0.72 EPS for the quarter, topping the consensus estimate of $0.70 by $0.02. Fortis had a return on equity of 7.25% and a net margin of 14.21%.The company had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same period in the previous year, the business posted $1.00 EPS. Research analysts predict that Fortis will post 2.64 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Fortis in a report on Monday, April 20th. Barclays decreased their price target on Fortis from $62.00 to $61.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. Weiss Ratings reissued a “buy (b)” rating on shares of Fortis in a research note on Tuesday, April 21st. BMO Capital Markets restated a “market perform” rating on shares of Fortis in a report on Thursday, May 7th. Finally, Wall Street Zen cut Fortis from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. Six 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 “Moderate Buy” and a consensus price target of $61.00.

Fortis 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.