Fortis (NYSE:FTS) was downgraded by equities researchers at CIBC from a “sector outperform” rating to a “neutral” rating in a research note issued to investors on Thursday, FinViz reports.
Several other equities research analysts have also recently weighed in on the stock. ValuEngine cut shares of Fortis from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Zacks Investment Research cut shares of Fortis from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Veritas Investment Research cut shares of Fortis from a “buy” rating to a “sell” rating in a research report on Friday, May 3rd. Bank of America set a $54.00 price objective on shares of Fortis and gave the stock a “buy” rating in a research report on Thursday, May 2nd. Finally, UBS Group reiterated a “buy” rating on shares of Fortis in a research report on Friday, June 7th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. Fortis currently has an average rating of “Hold” and a consensus target price of $51.20.
FTS opened at $40.99 on Thursday. Fortis has a twelve month low of $31.37 and a twelve month high of $41.26. The company has a quick ratio of 0.51, a current ratio of 0.62 and a debt-to-equity ratio of 1.31. The company has a fifty day moving average of $40.05 and a 200-day moving average of $37.90. The stock has a market cap of $17.87 billion, a PE ratio of 21.46, a price-to-earnings-growth ratio of 4.12 and a beta of 0.18.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Bremer Bank National Association bought a new position in Fortis during the first quarter worth $27,000. Stonebridge Capital Advisors LLC bought a new position in shares of Fortis in the second quarter valued at $30,000. Ropes Wealth Advisors LLC bought a new position in shares of Fortis in the second quarter valued at $39,000. AGF Investments LLC bought a new position in shares of Fortis in the second quarter valued at $54,000. Finally, Winslow Evans & Crocker Inc. lifted its stake in shares of Fortis by 1,617.6% in the first quarter. Winslow Evans & Crocker Inc. now owns 1,752 shares of the utilities provider’s stock valued at $66,000 after buying an additional 1,650 shares in the last quarter. 52.13% of the stock is currently owned by institutional investors and hedge funds.
Fortis Company Profile
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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