Fortis Inc. (NYSE:FTS) Sees Large Decline in Short Interest

Fortis Inc. (NYSE:FTSGet Rating) saw a significant drop in short interest during the month of May. As of May 31st, there was short interest totalling 6,570,000 shares, a drop of 28.1% from the May 15th total of 9,140,000 shares. Based on an average daily volume of 625,100 shares, the days-to-cover ratio is presently 10.5 days.

Shares of NYSE:FTS traded down $0.77 during trading on Friday, reaching $44.43. The stock had a trading volume of 25,869 shares, compared to its average volume of 669,777. Fortis has a 52 week low of $43.12 and a 52 week high of $51.66. The business’s 50-day moving average price is $49.40 and its 200 day moving average price is $47.77. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.63 and a quick ratio of 0.55. The stock has a market capitalization of $21.20 billion, a PE ratio of 21.72, a P/E/G ratio of 3.53 and a beta of 0.33.

Several equities research analysts have recently issued reports on FTS shares. National Bank Financial raised their price target on Fortis from C$59.00 to C$60.00 in a research report on Friday, May 6th. Scotiabank lifted their target price on Fortis from C$61.00 to C$63.00 in a research report on Tuesday, April 19th. Wells Fargo & Company downgraded Fortis from an “equal weight” rating to an “underweight” rating in a research report on Wednesday, June 1st. Finally, StockNews.com assumed coverage on Fortis in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, Fortis currently has a consensus rating of “Hold” and a consensus price target of $59.73.

Several large investors have recently bought and sold shares of the company. Cyrus J. Lawrence LLC bought a new position in Fortis in the 1st quarter worth approximately $30,000. Power Corp of Canada bought a new position in Fortis in the 1st quarter worth approximately $31,000. Steward Partners Investment Advisory LLC raised its position in Fortis by 20.3% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 1,521 shares of the utilities provider’s stock worth $75,000 after purchasing an additional 257 shares during the last quarter. Advisors Asset Management Inc. bought a new position in Fortis in the 4th quarter worth approximately $149,000. Finally, PNC Financial Services Group Inc. raised its position in Fortis by 9.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,569 shares of the utilities provider’s stock worth $177,000 after purchasing an additional 322 shares during the last quarter. Institutional investors own 49.43% of the company’s stock.

Fortis Company Profile (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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