Fortis (TSE:FTS) PT Raised to C$60.00

Fortis (TSE:FTSGet Rating) had its price objective lifted by equities research analysts at National Bankshares from C$59.00 to C$60.00 in a research report issued on Thursday, BayStreet.CA reports. National Bankshares’ price objective points to a potential downside of 2.57% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on the company. CSFB raised their price target on Fortis from C$63.00 to C$66.00 in a research note on Wednesday, April 13th. BMO Capital Markets reaffirmed a “hold” rating and set a C$60.00 price target (up from C$57.00) on shares of Fortis in a research note on Tuesday, March 15th. Raymond James reaffirmed a “market perform” rating and set a C$58.00 price target on shares of Fortis in a research note on Monday, February 14th. Credit Suisse Group increased their price objective on Fortis to C$66.00 and gave the company a “neutral” rating in a report on Wednesday, April 13th. Finally, UBS Group lowered their price objective on Fortis from C$61.00 to C$58.00 and set a “neutral” rating on the stock in a report on Monday, January 31st. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Fortis presently has a consensus rating of “Hold” and an average target price of C$61.81.

TSE FTS traded up C$0.57 on Thursday, hitting C$61.58. 695,754 shares of the stock were exchanged, compared to its average volume of 1,543,236. Fortis has a 52-week low of C$54.32 and a 52-week high of C$65.13. The company has a debt-to-equity ratio of 124.11, a current ratio of 0.57 and a quick ratio of 0.29. The company has a market capitalization of C$29.36 billion and a price-to-earnings ratio of 23.60. The company’s 50-day moving average price is C$61.73 and its two-hundred day moving average price is C$59.36.

Fortis (TSE:FTSGet Rating) last posted its quarterly earnings results on Friday, February 11th. The company reported C$0.63 earnings per share for the quarter, missing analysts’ consensus estimates of C$0.72 by C($0.09). The firm had revenue of C$2.58 billion for the quarter, compared to analyst estimates of C$2.36 billion. Equities analysts predict that Fortis will post 2.9800001 EPS for the current fiscal year.

In other news, Senior Officer Nora Duke sold 10,000 shares of Fortis stock in a transaction on Tuesday, March 8th. The stock was sold at an average price of C$61.35, for a total value of C$613,500.00. Following the completion of the sale, the insider now directly owns 111,987 shares of the company’s stock, valued at approximately C$6,870,402.45. Also, Director Gary Joseph Smith sold 16,720 shares of Fortis stock in a transaction on Thursday, March 31st. The shares were sold at an average price of C$62.03, for a total value of C$1,037,175.04. Following the completion of the sale, the director now directly owns 13,253 shares of the company’s stock, valued at C$822,110.10. Insiders have sold a total of 78,781 shares of company stock valued at $4,800,615 in the last 90 days.

Fortis Company Profile (Get Rating)

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 438,000 retail customers in southeastern Arizona; and 100,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,485 megawatts (MW), including 53 MW of solar capacity and 252 MV of wind capacity.

Further Reading

Analyst Recommendations for Fortis (TSE:FTS)

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