Fortis (NYSE:FTS) Short Interest Down 37.0% in May

Fortis (NYSE:FTS) was the recipient of a significant decline in short interest in the month of May. As of May 29th, there was short interest totaling 10,780,946 shares, a decline of 37.0% from the May 14th total of 17,111,074 shares. Based on an average trading volume of 721,283 shares, the short-interest ratio is presently 14.9 days. Approximately 2.1% of the company’s shares are short sold.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on FTS shares. Wall Street Zen lowered shares of Fortis from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. Barclays reduced their target price on shares of Fortis from $62.00 to $61.00 and set an “overweight” rating on the stock in a report on Friday, May 8th. Weiss Ratings restated a “buy (b)” rating on shares of Fortis in a report on Tuesday, April 21st. TD Securities restated a “buy” rating on shares of Fortis in a report on Thursday, May 7th. Finally, BMO Capital Markets restated a “market perform” rating on shares of Fortis in a report on Thursday, May 7th. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $61.00.

Fortis Stock Down 0.8%

Shares of FTS traded down $0.46 during mid-day trading on Wednesday, reaching $56.66. 152,197 shares of the stock traded hands, compared to its average volume of 850,877. The firm has a market cap of $28.85 billion, a price-to-earnings ratio of 23.03 and a beta of 0.43. The stock has a fifty day simple moving average of $56.29 and a 200 day simple moving average of $54.83. Fortis has a 12-month low of $46.46 and a 12-month high of $58.78. The company has a quick ratio of 0.41, a current ratio of 0.49 and a debt-to-equity ratio of 1.25.

Fortis (NYSE:FTS) last posted its quarterly earnings data on Wednesday, May 6th. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.02. The company had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.56 billion. Fortis had a net margin of 14.21% and a return on equity of 7.25%. During the same quarter last year, the firm posted $1.00 earnings per share. Sell-side analysts expect that Fortis will post 2.64 EPS for the current fiscal year.

Institutional Trading of Fortis

Hedge funds have recently made changes to their positions in the company. Scarborough Advisors LLC acquired a new stake in Fortis during the 1st quarter valued at approximately $29,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Fortis during the 4th quarter valued at approximately $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA grew its stake in Fortis by 157.4% during the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 428 shares in the last quarter. Larson Financial Group LLC grew its stake in Fortis by 123.9% during the 3rd quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider’s stock valued at $37,000 after purchasing an additional 409 shares in the last quarter. Finally, LOM Asset Management Ltd acquired a new stake in Fortis during the 4th quarter valued at approximately $43,000. Hedge funds and other institutional investors own 57.77% of the company’s stock.

Fortis Company Profile

Fortis Inc is a Canadian diversified electric and gas utility holding company headquartered in St. John’s, Newfoundland and Labrador. Through a portfolio of regulated utility subsidiaries, the company develops, owns and operates electricity and natural gas transmission, distribution and generation assets. Fortis serves customers across multiple jurisdictions in Canada, the United States and the Caribbean, focusing on the delivery of safe, reliable energy to residential, commercial and industrial users.

The company’s core activities include operation and maintenance of transmission and distribution networks, ownership of generation facilities, and investment in grid modernization and system resilience.