Fortis (NYSE:FTS)‘s stock had its “buy” rating reiterated by equities research analysts at BMO Capital Markets in a report issued on Tuesday, April 16th, AnalystRatings.com reports. They currently have a $50.00 price target on the utilities provider’s stock. BMO Capital Markets’ price target would indicate a potential upside of 34.52% from the company’s current price.
A number of other brokerages also recently issued reports on FTS. Zacks Investment Research downgraded shares of Fortis from a “hold” rating to a “sell” rating in a research report on Monday, January 14th. ValuEngine cut shares of Fortis from a “buy” rating to a “hold” rating in a research note on Wednesday, January 2nd. UBS Group reiterated a “buy” rating on shares of Fortis in a research note on Saturday, February 2nd. National Bank Financial reiterated a “hold” rating on shares of Fortis in a research note on Tuesday, January 29th. Finally, TD Securities cut shares of Fortis from a “buy” rating to a “hold” rating in a research note on Tuesday, January 29th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $52.33.
Shares of Fortis stock traded up $0.27 on Tuesday, reaching $37.17. The stock had a trading volume of 659,648 shares, compared to its average volume of 427,848. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 1.37. Fortis has a 1 year low of $30.88 and a 1 year high of $37.75. The company has a market cap of $15.90 billion, a P/E ratio of 19.46, a PEG ratio of 3.70 and a beta of 0.22.
A number of hedge funds have recently added to or reduced their stakes in FTS. GQG Partners LLC acquired a new stake in Fortis in the 4th quarter worth approximately $152,884,000. Norges Bank acquired a new stake in Fortis during the 4th quarter valued at approximately $136,106,000. Toronto Dominion Bank lifted its stake in Fortis by 40.6% during the 1st quarter. Toronto Dominion Bank now owns 11,480,664 shares of the utilities provider’s stock valued at $424,250,000 after acquiring an additional 3,314,547 shares during the period. Nordea Investment Management AB acquired a new stake in Fortis during the 3rd quarter valued at approximately $90,426,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in Fortis by 418.1% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,217,805 shares of the utilities provider’s stock valued at $73,900,000 after acquiring an additional 1,789,760 shares during the period. Institutional investors own 52.53% of the company’s stock.
Fortis Company Profile
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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