Analysts Set Fortis Inc. (FTS) PT at $37.00

Fortis Inc. (NYSE:FTS) has been given a consensus recommendation of “Hold” by the eight ratings firms that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $37.00.

A number of research firms have weighed in on FTS. Barclays PLC reiterated an “overweight” rating and issued a $37.00 price target on shares of Fortis in a research report on Tuesday, March 28th. J P Morgan Chase & Co began coverage on shares of Fortis in a research report on Monday, February 27th. They issued a “neutral” rating for the company. CIBC upgraded shares of Fortis from a “neutral” rating to an “outperform” rating in a research report on Thursday, February 16th. Zacks Investment Research lowered shares of Fortis from a “hold” rating to a “sell” rating in a research report on Thursday, May 4th. Finally, TheStreet upgraded shares of Fortis from a “d” rating to a “c” rating in a research report on Wednesday, February 22nd.

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A number of large investors have recently added to or reduced their stakes in FTS. Tradewinds Capital Management LLC acquired a new stake in Fortis during the first quarter worth about $108,000. Van ECK Associates Corp increased its stake in Fortis by 19.4% in the first quarter. Van ECK Associates Corp now owns 3,472 shares of the utilities provider’s stock worth $115,000 after buying an additional 564 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in Fortis during the first quarter worth about $157,000. Bank of Hawaii acquired a new stake in Fortis during the first quarter worth about $206,000. Finally, Affinity Wealth Management acquired a new stake in Fortis during the first quarter worth about $210,000. 50.57% of the stock is currently owned by institutional investors.

Shares of Fortis (NYSE FTS) traded up 0.87% on Tuesday, reaching $34.62. 171,333 shares of the company’s stock traded hands. The firm’s 50-day moving average is $32.97 and its 200-day moving average is $32.09. The stock has a market cap of $14.40 billion and a price-to-earnings ratio of 22.19. Fortis has a 52-week low of $29.14 and a 52-week high of $34.68.

Fortis (NYSE:FTS) last posted its quarterly earnings results on Tuesday, May 2nd. The utilities provider reported $0.53 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.71 by $0.18. The firm had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.50 billion. Fortis had a return on equity of 6.85% and a net margin of 9.79%. The company’s quarterly revenue was up 711.8% compared to the same quarter last year. Analysts anticipate that Fortis will post $2.19 EPS for the current fiscal year.

Fortis Company Profile

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