Fortis (NYSE:FTS) Hits New 52-Week High at $46.15

Fortis Inc. (NYSE:FTS) hit a new 52-week high on Wednesday . The company traded as high as $46.15 and last traded at $46.05, with a volume of 8542 shares. The stock had previously closed at $45.82.

A number of equities analysts have weighed in on the company. Royal Bank of Canada decreased their target price on Fortis from $60.00 to $59.00 and set a “sector perform” rating on the stock in a research note on Tuesday, February 16th. Raymond James reiterated a “market perform” rating and issued a $58.00 price objective on shares of Fortis in a report on Tuesday, May 4th. BMO Capital Markets cut Fortis from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $60.00 to $57.00 in a report on Tuesday, June 1st. Finally, Zacks Investment Research cut Fortis from a “buy” rating to a “hold” rating in a report on Monday, May 3rd. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Fortis currently has an average rating of “Hold” and an average target price of $56.80.

The firm has a fifty day moving average price of $44.91. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.65 and a quick ratio of 0.56. The stock has a market cap of $21.87 billion, a PE ratio of 23.06, a PEG ratio of 3.28 and a beta of 0.25.

Fortis (NYSE:FTS) last issued its earnings results on Wednesday, May 5th. The utilities provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.17. Fortis had a return on equity of 6.54% and a net margin of 13.79%. During the same quarter in the previous year, the firm posted $0.68 earnings per share. As a group, equities analysts expect that Fortis Inc. will post 2.24 EPS for the current year.

A number of hedge funds have recently modified their holdings of FTS. Norges Bank purchased a new stake in Fortis during the 4th quarter valued at about $191,047,000. FIL Ltd boosted its holdings in Fortis by 46.5% during the 1st quarter. FIL Ltd now owns 13,041,154 shares of the utilities provider’s stock valued at $565,875,000 after acquiring an additional 4,140,396 shares during the period. Toronto Dominion Bank boosted its holdings in Fortis by 31.1% during the 4th quarter. Toronto Dominion Bank now owns 11,085,675 shares of the utilities provider’s stock valued at $475,317,000 after acquiring an additional 2,630,929 shares during the period. CIBC Asset Management Inc boosted its holdings in Fortis by 80.2% during the 1st quarter. CIBC Asset Management Inc now owns 5,637,072 shares of the utilities provider’s stock valued at $244,406,000 after acquiring an additional 2,508,597 shares during the period. Finally, Bank of Montreal Can boosted its holdings in Fortis by 3.6% during the 1st quarter. Bank of Montreal Can now owns 20,772,806 shares of the utilities provider’s stock valued at $907,148,000 after acquiring an additional 719,468 shares during the period. Institutional investors own 48.48% of the company’s stock.

About Fortis (NYSE:FTS)

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 433,000 retail customers in southeastern Arizona; and 98,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,233 megawatts (MW), including 59 MW of solar capacity.

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