Edward Jones Downgrades Fortis (NYSE:FTS) to Hold

Fortis (NYSE:FTSGet Rating) was downgraded by equities research analysts at Edward Jones from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, Marketbeat.com reports.

Several other research analysts have also recently issued reports on FTS. Wells Fargo & Company cut shares of Fortis from an “equal weight” rating to an “underweight” rating in a report on Wednesday, June 1st. UBS Group lowered shares of Fortis from a “neutral” rating to a “sell” rating and set a $56.00 price target for the company. in a research report on Thursday, June 30th. National Bank Financial increased their price target on shares of Fortis from C$59.00 to C$60.00 in a research report on Friday, May 6th. StockNews.com assumed coverage on shares of Fortis in a research report on Thursday, March 31st. They set a “hold” rating for the company. Finally, Scotiabank increased their price objective on shares of Fortis from C$61.00 to C$63.00 in a research report on Tuesday, April 19th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $60.10.

Fortis Trading Down 0.3 %

FTS stock opened at $47.16 on Wednesday. The company has a quick ratio of 0.55, a current ratio of 0.63 and a debt-to-equity ratio of 1.26. Fortis has a twelve month low of $43.12 and a twelve month high of $51.66. The stock has a market capitalization of $22.58 billion, a price-to-earnings ratio of 22.89, a price-to-earnings-growth ratio of 3.76 and a beta of 0.35. The firm’s fifty day simple moving average is $47.59 and its two-hundred day simple moving average is $47.83.

Fortis (NYSE:FTSGet Rating) last posted its quarterly earnings results on Wednesday, May 4th. The utilities provider reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.01. The firm had revenue of $2.24 billion for the quarter, compared to analysts’ expectations of $2.05 billion. Fortis had a net margin of 12.90% and a return on equity of 6.56%. As a group, analysts anticipate that Fortis will post 2.19 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cyrus J. Lawrence LLC purchased a new position in Fortis in the 1st quarter valued at $30,000. Power Corp of Canada purchased a new position in shares of Fortis during the 1st quarter worth $31,000. Steward Partners Investment Advisory LLC raised its holdings in shares of Fortis by 20.3% during the 1st quarter. Steward Partners Investment Advisory LLC now owns 1,521 shares of the utilities provider’s stock worth $75,000 after acquiring an additional 257 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of Fortis by 9.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,569 shares of the utilities provider’s stock worth $177,000 after acquiring an additional 322 shares during the period. Finally, Lombard Odier Asset Management Switzerland SA purchased a new position in shares of Fortis during the 4th quarter worth $221,000. Hedge funds and other institutional investors own 49.43% of the company’s stock.

About Fortis

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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 438,000 retail customers in southeastern Arizona; and 100,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,485 megawatts (MW), including 53 MW of solar capacity and 252 MV of wind capacity.

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