Brokerages Set Fortis Inc (FTS) Target Price at $49.00
Fortis Inc (TSE:FTS) has received a consensus recommendation of “Buy” from the ten research firms that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is C$49.00.
Several equities analysts have commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of Fortis from C$47.00 to C$48.00 in a report on Thursday, October 19th. CIBC upped their price objective on shares of Fortis from C$48.00 to C$49.00 in a report on Tuesday, October 17th. BMO Capital Markets set a C$51.00 price objective on shares of Fortis in a report on Friday, September 15th. Scotiabank upped their price objective on shares of Fortis from C$50.00 to C$51.00 and gave the company an “outperform” rating in a report on Monday, November 6th. Finally, National Bank Financial reiterated a “sector perform” rating and issued a C$49.00 price objective (up from C$48.00) on shares of Fortis in a report on Tuesday, October 17th.
Fortis (TSE FTS) traded up C$0.02 during trading hours on Monday, hitting C$45.01. 675,500 shares of the company’s stock traded hands, compared to its average volume of 794,336. Fortis has a 12-month low of C$40.59 and a 12-month high of C$48.73. The firm has a market capitalization of $18,890.00, a P/E ratio of 18.08 and a beta of 0.01.
In related news, insider Earl Ludlow sold 35,056 shares of the company’s stock in a transaction dated Wednesday, October 18th. The shares were sold at an average price of C$46.45, for a total value of C$1,628,351.20. Also, Director Jamie Roberts sold 1,569 shares of the stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of C$48.11, for a total transaction of C$75,484.59.
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Fortis Company Profile
Fortis Inc is a Canada-based electric and gas utility holding company. The Company’s segments include Regulated Utilities and Non-Regulated Utilities. The Regulated Utilities segment includes Regulated Electric & Gas Utilities-the United States, which consists of ITC Holdings Corp. (ITC Holdings), UNS Energy Corporation and Central Hudson Gas & Electric Corporation (Central Hudson); Gas & Electric Utilities-Canadian, which consists of FortisAlberta Inc (FortisAlberta), FortisBC Energy Inc (FortisBC Energy), FortisBC Inc (FortisBC Electric) and Newfoundland Power Inc (Newfoundland Power); Electric Utilities-Caribbean, which includes its ownership interest in Caribbean Utilities Company, Ltd., Fortis Turks and Caicos, and its investment in Belize Electricity Limited.
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