CIBC upgraded shares of Fortis Inc. (NYSE:FTS) from a neutral rating to an outperform rating in a research note released on Thursday morning, The Fly reports.

A number of other research analysts also recently issued reports on FTS. National Bank Financial reissued a sector perform market weight rating on shares of Fortis in a research report on Monday, November 7th. Desjardins initiated coverage on shares of Fortis in a research report on Friday, November 25th. They set a buy rating on the stock. Zacks Investment Research downgraded shares of Fortis from a hold rating to a sell rating in a research report on Tuesday, January 10th. Finally, Raymond James Financial, Inc. downgraded shares of Fortis from an outperform rating to a mkt perform rating in a research report on Tuesday, January 17th. One equities research analyst has rated the stock with a sell rating and two have given a buy rating to the stock. Fortis has a consensus rating of Hold.

Fortis (NYSE:FTS) traded up 2.59% during midday trading on Thursday, reaching $32.87. 339,382 shares of the company’s stock were exchanged. The firm has a 50-day moving average price of $31.51 and a 200 day moving average price of $31.58. The company has a market cap of $13.14 billion and a price-to-earnings ratio of 23.03. Fortis has a 12-month low of $26.66 and a 12-month high of $34.66.

Fortis (NYSE:FTS) last posted its quarterly earnings results on Thursday, February 16th. The company reported $0.64 EPS for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.28. Fortis had a net margin of 8.22% and a return on equity of 7.17%. The company earned $2.05 billion during the quarter, compared to analyst estimates of $2.05 billion. During the same period in the prior year, the business posted $0.51 EPS. The firm’s revenue was up 19.2% compared to the same quarter last year.

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The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 1st. Stockholders of record on Thursday, February 16th will be given a $0.3003 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date of this dividend is Tuesday, February 14th. Fortis’s dividend payout ratio is presently 84.40%.

Several hedge funds have recently added to or reduced their stakes in FTS. Arrowstreet Capital Limited Partnership purchased a new position in shares of Fortis during the fourth quarter worth about $1,115,000. United Capital Financial Advisers LLC purchased a new position in shares of Fortis during the fourth quarter worth about $7,825,000. Princeton Portfolio Strategies Group LLC purchased a new position in shares of Fortis during the fourth quarter worth about $331,000. CNH Partners LLC purchased a new position in shares of Fortis during the fourth quarter worth about $1,322,000. Finally, AQR Capital Management LLC purchased a new position in shares of Fortis during the fourth quarter worth about $10,468,000. 12.08% of the stock is currently owned by hedge funds and other institutional investors.

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