Fortis (NYSE:FTS) was downgraded by investment analysts at National Bank Financial from a “sector perform” rating to an “underperform” rating in a report issued on Monday, The Fly reports.
A number of other analysts have also recently commented on the company. Zacks Investment Research cut Fortis from a “buy” rating to a “sell” rating in a research report on Thursday. Scotiabank reiterated a “buy” rating and set a $51.00 price objective on shares of Fortis in a research report on Monday, December 4th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $42.33.
Fortis (NYSE FTS) traded down $0.56 during mid-day trading on Monday, hitting $34.76. The stock had a trading volume of 242,276 shares, compared to its average volume of 278,358. Fortis has a 52-week low of $31.00 and a 52-week high of $38.24. The company has a quick ratio of 0.43, a current ratio of 0.52 and a debt-to-equity ratio of 1.31. The stock has a market capitalization of $14,816.74, a PE ratio of 18.16, a P/E/G ratio of 3.15 and a beta of -1.58.
Fortis (NYSE:FTS) last posted its quarterly earnings data on Friday, November 3rd. The utilities provider reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.03. Fortis had a return on equity of 6.76% and a net margin of 12.38%. analysts expect that Fortis will post 1.97 EPS for the current year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in FTS. Benjamin F. Edwards & Company Inc. bought a new position in Fortis during the fourth quarter valued at approximately $103,000. PNC Financial Services Group Inc. boosted its position in Fortis by 12.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,480 shares of the utilities provider’s stock valued at $122,000 after acquiring an additional 382 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in Fortis by 4,514.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,922 shares of the utilities provider’s stock valued at $179,000 after acquiring an additional 3,837 shares in the last quarter. Cetera Investment Advisers bought a new stake in Fortis during the 2nd quarter valued at $205,000. Finally, Cubist Systematic Strategies LLC bought a new stake in Fortis during the 2nd quarter valued at $345,000. 50.75% of the stock is owned by hedge funds and other institutional investors.
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 420,000 retail customers in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail customers in Arizonas Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.