Fortis (TSE:FTS) Downgraded by Canadian Imperial Bank of Commerce to Hold

Fortis (TSE:FTS) was downgraded by investment analysts at Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a note issued to investors on Friday,Zacks.com reports.

FTS has been the topic of a number of other research reports. Raymond James Financial boosted their target price on Fortis from C$78.50 to C$80.50 and gave the company an “outperform” rating in a research report on Tuesday, April 28th. TD raised their price target on Fortis from C$83.00 to C$84.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. National Bank Financial boosted their price objective on Fortis from C$75.00 to C$82.00 and gave the company a “sector perform” rating in a report on Monday, June 1st. Finally, Barclays decreased their target price on Fortis from C$84.00 to C$83.00 and set an “overweight” rating on the stock in a research note on Friday, May 8th. Five equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of C$79.32.

Fortis Trading Down 0.0%

Shares of FTS stock opened at C$82.42 on Friday. The company’s 50-day moving average price is C$79.15 and its 200-day moving average price is C$77.02. The company has a current ratio of 0.49, a quick ratio of 0.36 and a debt-to-equity ratio of 145.23. The stock has a market cap of C$41.96 billion, a price-to-earnings ratio of 24.31, a PEG ratio of 3.01 and a beta of 0.41. Fortis has a twelve month low of C$64.42 and a twelve month high of C$82.80.

Fortis (TSE:FTS) last issued its quarterly earnings data on Wednesday, May 6th. The company reported C$0.99 earnings per share for the quarter. The company had revenue of C$3.40 billion during the quarter. Fortis had a return on equity of 7.51% and a net margin of 14.75%. As a group, equities analysts predict that Fortis will post 3.3419913 earnings per share for the current year.

Insider Buying and Selling at Fortis

In other news, insider James Reid sold 421 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of C$79.05, for a total value of C$33,280.05. Following the sale, the insider directly owned 31,283 shares in the company, valued at approximately C$2,472,921.15. This trade represents a 1.33% decrease in their ownership of the stock. Insiders acquired a total of 572 shares of company stock worth $45,909 over the last 90 days. 0.04% of the stock is currently owned by corporate insiders.

About Fortis

Fortis owns and operates 10 utility transmission and distribution assets in Canada and the United States, serving more than 3.4 million electricity and gas customers. The company has smaller stakes in electricity generation and several Caribbean utilities. ITC operates electric transmission in seven U.S. states, with more than 16,000 miles of high-voltage transmission lines in operation serving a peak load in excess of 23 gigawatts.