Fortis (NYSE:FTS) Lifted to Hold at upgraded shares of Fortis (NYSE:FTSFree Report) from a sell rating to a hold rating in a research note issued to investors on Tuesday.

Fortis Price Performance

Fortis stock opened at $39.69 on Tuesday. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.60 and a quick ratio of 0.52. The company has a market capitalization of $19.57 billion, a PE ratio of 17.11, a price-to-earnings-growth ratio of 2.93 and a beta of 0.43. Fortis has a one year low of $36.30 and a one year high of $43.84. The business has a 50 day simple moving average of $39.47 and a 200 day simple moving average of $40.01.

Fortis (NYSE:FTSGet Free Report) last posted its earnings results on Wednesday, May 1st. The utilities provider reported $0.69 EPS for the quarter, topping the consensus estimate of $0.65 by $0.04. Fortis had a return on equity of 7.02% and a net margin of 13.66%. The business had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.43 billion. On average, sell-side analysts forecast that Fortis will post 2.33 EPS for the current fiscal year.

Institutional Investors Weigh In On Fortis

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bessemer Group Inc. increased its holdings in Fortis by 53.6% during the 1st quarter. Bessemer Group Inc. now owns 992 shares of the utilities provider’s stock valued at $40,000 after purchasing an additional 346 shares in the last quarter. Rational Advisors LLC acquired a new stake in Fortis during the 3rd quarter valued at $41,000. Dixon Mitchell Investment Counsel Inc. acquired a new stake in shares of Fortis in the 1st quarter valued at $60,000. Headlands Technologies LLC acquired a new stake in shares of Fortis in the 1st quarter valued at $69,000. Finally, NBC Securities Inc. acquired a new stake in shares of Fortis in the 3rd quarter valued at $96,000. 57.77% of the stock is owned by institutional investors and hedge funds.

Fortis Company Profile

(Get Free Report)

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 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.

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