Fortis (NYSE:FTS) Downgraded by Bank of America

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Fortis (NYSE:FTS) was downgraded by stock analysts at Bank of America from a “buy” rating to a “neutral” rating in a research report issued on Thursday, Marketbeat.com reports.

A number of other research firms have also recently commented on FTS. UBS Group set a $62.00 price target on shares of Fortis and gave the stock a “buy” rating in a report on Friday, September 6th. Zacks Investment Research upgraded shares of Fortis from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a report on Tuesday, November 12th. Raymond James reiterated a “hold” rating and set a $55.00 price objective on shares of Fortis in a report on Monday, November 25th. BMO Capital Markets began coverage on shares of Fortis in a research report on Tuesday. They issued a “market perform” rating for the company. Finally, Wolfe Research started coverage on shares of Fortis in a research note on Thursday, October 10th. They issued a “market perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $55.63.

Shares of Fortis stock opened at $39.80 on Thursday. The stock’s fifty day moving average is $40.45 and its two-hundred day moving average is $40.35. The company has a market capitalization of $18.31 billion, a PE ratio of 20.84, a price-to-earnings-growth ratio of 3.51 and a beta of 0.11. The company has a quick ratio of 0.46, a current ratio of 0.56 and a debt-to-equity ratio of 1.32. Fortis has a 52 week low of $31.80 and a 52 week high of $42.80.

Fortis (NYSE:FTS) last released its earnings results on Friday, November 1st. The utilities provider reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.01. Fortis had a return on equity of 6.75% and a net margin of 12.72%. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.59 billion. During the same quarter last year, the firm posted $0.65 earnings per share. As a group, research analysts anticipate that Fortis will post 1.96 earnings per share for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Caisse DE Depot ET Placement DU Quebec purchased a new position in Fortis during the second quarter valued at approximately $162,243,000. Acadian Asset Management LLC boosted its position in Fortis by 509.4% during the 2nd quarter. Acadian Asset Management LLC now owns 2,207,123 shares of the utilities provider’s stock valued at $87,336,000 after acquiring an additional 1,844,923 shares in the last quarter. Renaissance Technologies LLC boosted its position in Fortis by 40.5% during the 2nd quarter. Renaissance Technologies LLC now owns 2,994,900 shares of the utilities provider’s stock valued at $118,209,000 after acquiring an additional 863,900 shares in the last quarter. Addenda Capital Inc. bought a new stake in Fortis during the 3rd quarter valued at $30,563,000. Finally, National Pension Service purchased a new position in shares of Fortis in the 2nd quarter valued at $34,568,000. Hedge funds and other institutional investors own 52.10% of the company’s stock.

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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Analyst Recommendations for Fortis (NYSE:FTS)

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