Brokerages Set Fortis Inc. (FTS) Target Price at $44.00
Shares of Fortis Inc. (NYSE:FTS) have been assigned an average recommendation of “Hold” from the seven research firms that are currently covering the company, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $44.00.
Several research firms have issued reports on FTS. Zacks Investment Research lowered Fortis from a “buy” rating to a “hold” rating in a research note on Thursday, October 19th. Scotiabank restated a “buy” rating and issued a $51.00 price objective on shares of Fortis in a research note on Monday, December 4th.
Fortis (NYSE:FTS) traded down $0.28 during trading hours on Thursday, reaching $36.53. The company’s stock had a trading volume of 164,252 shares, compared to its average volume of 187,202. The company has a quick ratio of 0.43, a current ratio of 0.52 and a debt-to-equity ratio of 1.31. The company has a market capitalization of $15,440.00, a price-to-earnings ratio of 18.92, a price-to-earnings-growth ratio of 3.40 and a beta of 0.43. Fortis has a 12-month low of $30.06 and a 12-month high of $38.24.
A number of large investors have recently added to or reduced their stakes in FTS. Creative Planning raised its stake in Fortis by 7.3% in the second quarter. Creative Planning now owns 3,307 shares of the utilities provider’s stock valued at $116,000 after buying an additional 225 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Fortis by 12.3% during the second quarter. PNC Financial Services Group Inc. now owns 3,480 shares of the utilities provider’s stock worth $122,000 after purchasing an additional 382 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of Fortis by 4,514.1% during the second quarter. Tower Research Capital LLC TRC now owns 3,922 shares of the utilities provider’s stock worth $179,000 after purchasing an additional 3,837 shares during the period. Oppenheimer Asset Management Inc. increased its stake in shares of Fortis by 20.5% during the second quarter. Oppenheimer Asset Management Inc. now owns 5,682 shares of the utilities provider’s stock worth $200,000 after purchasing an additional 965 shares during the period. Finally, Cetera Investment Advisers bought a new position in shares of Fortis during the second quarter worth approximately $205,000. Hedge funds and other institutional investors own 50.91% of the company’s stock.
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Fortis Company Profile
Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 420,000 retail customers in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail customers in Arizonas Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.
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