Fortis (NYSE:FTS) Coverage Initiated at Jefferies Financial Group

Investment analysts at Jefferies Financial Group initiated coverage on shares of Fortis (NYSE:FTS) in a note issued to investors on Thursday,Briefing.com Automated Import reports. The brokerage set a “hold” rating on the utilities provider’s stock.

Separately, Raymond James cut shares of Fortis from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to data from MarketBeat, Fortis presently has an average rating of “Hold”.

Fortis Stock Down 0.1 %

Shares of FTS opened at $43.89 on Thursday. The stock has a 50 day moving average price of $42.34 and a 200 day moving average price of $43.48. Fortis has a one year low of $36.86 and a one year high of $46.06. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 0.74. The stock has a market capitalization of $21.91 billion, a price-to-earnings ratio of 18.44, a PEG ratio of 3.94 and a beta of 0.50.

Institutional Trading of Fortis

Large investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. boosted its position in shares of Fortis by 724.3% during the 4th quarter. Blue Trust Inc. now owns 577 shares of the utilities provider’s stock valued at $26,000 after acquiring an additional 507 shares during the last quarter. Golden State Wealth Management LLC purchased a new position in Fortis during the fourth quarter worth about $38,000. Versant Capital Management Inc boosted its holdings in Fortis by 34.1% in the 4th quarter. Versant Capital Management Inc now owns 1,006 shares of the utilities provider’s stock valued at $42,000 after purchasing an additional 256 shares during the last quarter. BNP Paribas Financial Markets purchased a new stake in shares of Fortis in the 3rd quarter valued at approximately $44,000. Finally, Cromwell Holdings LLC grew its stake in shares of Fortis by 52.2% in the 3rd quarter. Cromwell Holdings LLC now owns 1,837 shares of the utilities provider’s stock valued at $83,000 after buying an additional 630 shares during the period. 57.77% of the stock is currently owned by hedge funds and other 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.