Fortis (NYSE:FTS) Cut to “Market Perform” at Raymond James

Fortis (NYSE:FTSGet Free Report) was downgraded by research analysts at Raymond James from an “outperform” rating to a “market perform” rating in a research note issued to investors on Wednesday, FinViz reports.

FTS has been the topic of a number of other reports. UBS Group raised shares of Fortis to a “strong sell” rating in a report on Tuesday, September 10th. StockNews.com raised shares of Fortis from a “sell” rating to a “hold” rating in a report on Sunday, August 4th. Finally, Bank of America began coverage on shares of Fortis in a report on Friday, September 20th. They issued an “underperform” rating on the stock. Three investment analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. According to data from MarketBeat.com, Fortis currently has a consensus rating of “Reduce”.

Check Out Our Latest Stock Report on Fortis

Fortis Stock Performance

Shares of Fortis stock opened at $44.08 on Wednesday. The firm’s fifty day simple moving average is $44.45 and its 200-day simple moving average is $41.91. The stock has a market capitalization of $21.92 billion, a price-to-earnings ratio of 18.68, a PEG ratio of 3.89 and a beta of 0.47. Fortis has a 12 month low of $36.86 and a 12 month high of $46.06. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.69 and a quick ratio of 0.58.

Institutional Investors Weigh In On Fortis

Several institutional investors have recently made changes to their positions in FTS. Private Advisor Group LLC purchased a new stake in shares of Fortis during the 1st quarter worth $725,000. Quantbot Technologies LP purchased a new stake in shares of Fortis during the 1st quarter worth $1,485,000. Sciencast Management LP purchased a new stake in shares of Fortis during the 1st quarter worth $214,000. Forsta AP Fonden boosted its position in shares of Fortis by 10.9% during the 1st quarter. Forsta AP Fonden now owns 145,000 shares of the utilities provider’s stock worth $5,735,000 after purchasing an additional 14,200 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of Fortis during the 1st quarter worth $69,000. 57.77% of the stock is currently owned by hedge funds and other institutional investors.

About Fortis

(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.

Further Reading

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