Fortis Inc (NYSE:FTS) Short Interest Up 103.4% in December

Fortis Inc (NYSE:FTS) saw a significant growth in short interest in the month of December. As of December 31st, there was short interest totalling 3,030,000 shares, a growth of 103.4% from the December 15th total of 1,490,000 shares. Currently, 0.7% of the company’s shares are short sold. Based on an average daily trading volume, of 434,500 shares, the days-to-cover ratio is currently 7.0 days.

Hedge funds and other institutional investors have recently modified their holdings of the company. Community Financial Services Group LLC lifted its stake in shares of Fortis by 2.8% in the third quarter. Community Financial Services Group LLC now owns 101,227 shares of the utilities provider’s stock worth $4,285,000 after buying an additional 2,798 shares in the last quarter. Duff & Phelps Investment Management Co. lifted its stake in shares of Fortis by 4.8% in the third quarter. Duff & Phelps Investment Management Co. now owns 1,712,202 shares of the utilities provider’s stock worth $72,432,000 after buying an additional 78,936 shares in the last quarter. First Allied Advisory Services Inc. bought a new position in shares of Fortis in the second quarter worth approximately $208,000. Point72 Asset Management L.P. lifted its stake in shares of Fortis by 6.7% in the second quarter. Point72 Asset Management L.P. now owns 160,000 shares of the utilities provider’s stock worth $6,323,000 after buying an additional 10,000 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in shares of Fortis by 12.2% in the third quarter. First Trust Advisors LP now owns 961,322 shares of the utilities provider’s stock worth $40,693,000 after buying an additional 104,594 shares in the last quarter. Hedge funds and other institutional investors own 49.49% of the company’s stock.

FTS has been the topic of several research analyst reports. CIBC upgraded shares of Fortis from a “neutral” rating to an “outperform” rating in a research report on Tuesday, December 3rd. Raymond James reiterated a “hold” rating and set a $55.00 price target on shares of Fortis in a research report on Monday, November 25th. Bank of America lowered shares of Fortis from a “buy” rating to a “neutral” rating in a research note on Thursday, December 5th. Wolfe Research began coverage on shares of Fortis in a research note on Thursday, October 10th. They set a “market perform” rating on the stock. Finally, TheStreet lowered shares of Fortis from a “b-” rating to a “c+” rating in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $55.63.

NYSE:FTS opened at $41.95 on Monday. Fortis has a one year low of $33.78 and a one year high of $42.80. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.56 and a quick ratio of 0.46. The company’s 50-day simple moving average is $40.64 and its 200 day simple moving average is $40.83. The firm has a market capitalization of $19.37 billion, a P/E ratio of 21.96, a PEG ratio of 3.68 and a beta of 0.13.

Fortis (NYSE:FTS) last posted its quarterly earnings data on Friday, November 1st. The utilities provider reported $0.50 EPS for the quarter, topping the consensus estimate of $0.49 by $0.01. Fortis had a net margin of 12.72% and a return on equity of 6.75%. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.59 billion. During the same quarter in the previous year, the firm posted $0.65 earnings per share. On average, equities research analysts expect that Fortis will post 1.95 earnings per share for the current fiscal year.

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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