Fortis (NYSE:FTS) Downgraded by StockNews.com

Fortis (NYSE:FTS) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

Fortis Price Performance

Fortis stock opened at $38.21 on Thursday. The business’s 50-day simple moving average is $39.33 and its 200 day simple moving average is $39.99. The company has a quick ratio of 0.58, a current ratio of 0.67 and a debt-to-equity ratio of 1.27. The stock has a market cap of $18.84 billion, a price-to-earnings ratio of 16.61, a P/E/G ratio of 2.74 and a beta of 0.42. Fortis has a 12-month low of $36.30 and a 12-month high of $46.28.

Fortis (NYSE:FTS) last announced its quarterly earnings data on Friday, February 9th. The utilities provider reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.01. Fortis had a net margin of 13.22% and a return on equity of 7.00%. The business had revenue of $2.12 billion for the quarter, compared to analyst estimates of $2.39 billion. During the same period in the prior year, the business posted $0.53 earnings per share. As a group, research analysts anticipate that Fortis will post 2.39 earnings per share for the current year.

Institutional Trading of Fortis

A number of large investors have recently bought and sold shares of the business. Power Corp of Canada acquired a new stake in shares of Fortis in the 1st quarter valued at about $31,000. IFP Advisors Inc grew its holdings in shares of Fortis by 78.7% during the second quarter. IFP Advisors Inc now owns 888 shares of the utilities provider’s stock worth $38,000 after buying an additional 391 shares in the last quarter. Clarity Asset Management Inc. acquired a new stake in Fortis in the 4th quarter valued at approximately $39,000. Rational Advisors LLC bought a new stake in Fortis in the 3rd quarter valued at approximately $41,000. Finally, Macquarie Group Ltd. acquired a new position in Fortis during the 4th quarter worth approximately $61,000. 57.77% of the stock is owned by institutional investors.

About Fortis

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.