Zacks Investment Research Lowers Fortis (NYSE:FTS) to Sell
According to Zacks, “Fortis, Inc. is engaged in electric and gas utility business. The Company offers regulated utilities comprised of electric and gas as well as engages in non-regulated hydroelectric operations. It operates primarily in Canada, United States and Caribbean. Fortis, Inc. is based in St John’s, Canada. “
A number of other research firms have also recently commented on FTS. UBS Group reiterated a “buy” rating on shares of Fortis in a research note on Friday, June 7th. ValuEngine upgraded shares of Fortis from a “hold” rating to a “buy” rating in a research note on Thursday, May 23rd. BMO Capital Markets reiterated a “buy” rating and issued a $50.00 target price on shares of Fortis in a research note on Tuesday, April 16th. Raymond James cut shares of Fortis from an “outperform” rating to a “market perform” rating in a research note on Tuesday, April 23rd. Finally, Veritas Investment Research cut shares of Fortis from a “buy” rating to a “sell” rating in a research note on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. Fortis presently has a consensus rating of “Hold” and a consensus price target of $52.33.
Fortis (NYSE:FTS) last released its earnings results on Wednesday, May 1st. The utilities provider reported $0.55 EPS for the quarter, hitting analysts’ consensus estimates of $0.55. The company had revenue of $1.83 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Fortis had a net margin of 12.61% and a return on equity of 6.44%. During the same period last year, the business earned $0.69 EPS. As a group, equities research analysts forecast that Fortis will post 1.95 EPS for the current year.
Institutional investors and hedge funds have recently bought and sold shares of the business. Bremer Bank National Association purchased a new position in Fortis during the 1st quarter worth approximately $27,000. NumerixS Investment Technologies Inc raised its position in Fortis by 37.5% during the 4th quarter. NumerixS Investment Technologies Inc now owns 1,100 shares of the utilities provider’s stock worth $36,000 after buying an additional 300 shares during the last quarter. Cresset Asset Management LLC purchased a new position in Fortis during the 1st quarter worth approximately $36,000. Lindbrook Capital LLC purchased a new position in Fortis during the 4th quarter worth approximately $37,000. Finally, Proficio Capital Partners LLC raised its position in Fortis by 312.9% during the 4th quarter. Proficio Capital Partners LLC now owns 1,214 shares of the utilities provider’s stock worth $40,000 after buying an additional 920 shares during the last quarter. 52.17% of the stock is owned by institutional investors.
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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