Fortis (NYSE:FTS) Hits New 52-Week High – Here’s What Happened

Fortis (NYSE:FTS)’s share price hit a new 52-week high during trading on Monday. The stock traded as high as $59.40 and last traded at $59.4060, with a volume of 414,656 shares trading hands. The stock had previously closed at $58.67.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Fortis in a report on Wednesday, October 28th. TD Securities restated a “buy” rating on shares of Fortis in a research report on Tuesday, August 4th. Scotiabank reaffirmed a “sector perform” rating on shares of Fortis in a research note on Tuesday, August 4th. Wolfe Research set a $50.00 target price on Fortis in a report on Tuesday, August 4th. Finally, Barclays lowered their price target on Fortis from $60.00 to $56.00 and set an “overweight” rating for the company in a report on Tuesday, September 29th. Three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $65.00.

Fortis Price Performance

The company has a 50 day moving average of $54.75 and a 200-day moving average of $55.86. The firm has a market capitalization of $30.58 billion, a P/E ratio of 24.00 and a beta of 0.42. The company has a current ratio of 0.56, a quick ratio of 0.47 and a debt-to-equity ratio of 1.27.

Fortis (NYSE:FTS) last issued its earnings results on Friday, July 31st. The utilities provider reported $0.56 EPS for the quarter, topping the consensus estimate of $0.55 by $0.01. The firm had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.83 billion. Fortis had a return on equity of 7.16% and a net margin of 14.17%. During the same quarter in the previous year, the firm earned $0.76 earnings per share. On average, sell-side analysts predict that Fortis will post 2.57 EPS for the current year.

Hedge Funds Weigh In On Fortis

A number of institutional investors have recently modified their holdings of the company. Trust Co. of Vermont purchased a new stake in shares of Fortis during the 2nd quarter valued at $26,000. Scarborough Advisors LLC bought a new position in shares of Fortis during the 1st quarter valued at approximately $29,000. CoreCap Advisors LLC lifted its stake in Fortis by 78.4% in the third quarter. CoreCap Advisors LLC now owns 544 shares of the utilities provider’s stock valued at $29,000 after purchasing an additional 239 shares during the last quarter. Aberdeen Wealth Management LLC bought a new position in Fortis during the second quarter valued at $31,000. Finally, Allworth Financial LP bought a new position in Fortis during the second quarter valued at $62,000. 57.77% of the stock is owned by institutional investors and hedge funds.

Fortis Company Profile

Fortis Inc is a Canadian utility holding company that owns and operates regulated electric and natural gas utilities. Its businesses are primarily focused on the transmission and distribution of electricity, natural gas distribution, and related energy infrastructure.

Through its portfolio of utility subsidiaries, Fortis serves customers across Canada and the United States, with additional operations in the Caribbean. Its businesses include electric utilities, natural gas utilities, and electric transmission assets, providing essential energy services to residential, commercial, and industrial customers.

Fortis has expanded from its Canadian utility origins through acquisitions and investments in regulated infrastructure.