Fortis (TSE:FTS) Stock Rating Lowered by Raymond James

Fortis (TSE:FTS) was downgraded by Raymond James from an “outperform” rating to a “market perform” rating in a research note issued to investors on Wednesday, BayStreet.CA reports.

A number of other brokerages also recently issued reports on FTS. BMO Capital Markets lifted their price target on shares of Fortis from C$59.00 to C$61.00 in a research note on Thursday, September 5th. Royal Bank of Canada lifted their price target on Fortis from C$62.00 to C$65.00 and gave the stock a “sector perform” rating in a report on Thursday, October 3rd. CIBC boosted their target price on Fortis from C$57.00 to C$59.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Bank of America set a C$60.00 price target on shares of Fortis and gave the stock an “underperform” rating in a research note on Friday, September 20th. Finally, National Bankshares raised their price objective on shares of Fortis from C$56.00 to C$62.00 and gave the stock a “sector perform” rating in a research report on Friday, August 23rd. Three analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of C$60.33.

Fortis Stock Down 0.7 %

FTS stock traded down C$0.41 during mid-day trading on Wednesday, reaching C$60.58. The company had a trading volume of 477,782 shares, compared to its average volume of 1,607,709. Fortis has a fifty-two week low of C$51.02 and a fifty-two week high of C$62.47. The company has a market capitalization of C$30.00 billion, a price-to-earnings ratio of 19.00, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23. The company has a debt-to-equity ratio of 128.59, a quick ratio of 0.36 and a current ratio of 0.69. The firm has a fifty day simple moving average of C$60.59 and a 200 day simple moving average of C$57.02.

Insider Buying and Selling

In other Fortis news, Senior Officer James Reid sold 19,972 shares of Fortis stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of C$59.46, for a total value of C$1,187,493.18. 0.04% of the stock is currently owned by corporate insiders.

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.