Fortis (NYSE:FTS) Rating Lowered to Underweight at Wells Fargo & Company

Fortis (NYSE:FTSGet Rating) was downgraded by investment analysts at Wells Fargo & Company from an “equal weight” rating to an “underweight” rating in a research report issued to clients and investors on Wednesday, The Fly reports.

FTS has been the subject of several other research reports. StockNews.com began coverage on shares of Fortis in a research note on Thursday, March 31st. They issued a “hold” rating for the company. National Bank Financial raised their target price on shares of Fortis from C$59.00 to C$60.00 in a research report on Friday, May 6th. CIBC cut their target price on shares of Fortis from C$61.00 to C$60.00 in a research report on Monday, February 14th. Scotiabank raised their target price on shares of Fortis from C$61.00 to C$63.00 in a research report on Tuesday, April 19th. Finally, Zacks Investment Research upgraded shares of Fortis from a “sell” rating to a “hold” rating in a research report on Tuesday, May 3rd. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $58.92.

Shares of Fortis stock opened at $50.36 on Wednesday. The company has a 50 day moving average of $49.69 and a 200-day moving average of $47.47. Fortis has a 1-year low of $43.12 and a 1-year high of $51.66. The company has a current ratio of 0.63, a quick ratio of 0.55 and a debt-to-equity ratio of 1.26. The company has a market cap of $24.03 billion, a PE ratio of 24.45, a price-to-earnings-growth ratio of 3.86 and a beta of 0.33.

Hedge funds have recently added to or reduced their stakes in the company. Cyrus J. Lawrence LLC bought a new position in shares of Fortis during the first quarter valued at $30,000. Power Corp of Canada bought a new position in Fortis during the first quarter worth $31,000. Steward Partners Investment Advisory LLC raised its stake in Fortis by 20.3% during the first quarter. Steward Partners Investment Advisory LLC now owns 1,521 shares of the utilities provider’s stock worth $75,000 after buying an additional 257 shares during the last quarter. Advisors Asset Management Inc. bought a new position in Fortis during the fourth quarter worth $149,000. Finally, PNC Financial Services Group Inc. raised its stake in Fortis by 9.9% during the first quarter. PNC Financial Services Group Inc. now owns 3,569 shares of the utilities provider’s stock worth $177,000 after buying an additional 322 shares during the last quarter. 49.43% of the stock is owned by hedge funds and other institutional investors.

About Fortis (Get Rating)

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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