Fortis Inc (FTS) Receives Consensus Rating of “Buy” from Analysts
Fortis Inc (TSE:FTS) has been assigned an average rating of “Buy” from the nine analysts that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is C$47.75.
A number of research firms recently weighed in on FTS. Scotiabank reiterated an “outperform” rating and issued a C$49.00 price objective on shares of Fortis in a research report on Wednesday, May 3rd. CIBC lowered their price objective on shares of Fortis from C$48.00 to C$47.00 in a research report on Wednesday, May 3rd. TD Securities reiterated a “buy” rating and issued a C$48.00 price objective on shares of Fortis in a research report on Wednesday, May 3rd. Finally, Barclays PLC reiterated an “overweight” rating and issued a C$48.00 price objective on shares of Fortis in a research report on Wednesday, March 29th.
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In other news, insider Karl W. Smith sold 54,024 shares of Fortis stock in a transaction on Tuesday, June 6th. The stock was sold at an average price of C$45.53, for a total transaction of C$2,459,712.72. Also, Director Jamie Roberts sold 4,836 shares of Fortis stock in a transaction on Tuesday, June 6th. The stock was sold at an average price of C$45.58, for a total value of C$220,424.88. Insiders have sold a total of 93,248 shares of company stock worth $4,261,335 over the last 90 days.
Fortis (TSE FTS) traded up 0.14% during mid-day trading on Monday, hitting $44.15. 770,793 shares of the stock traded hands. Fortis has a 12-month low of $39.58 and a 12-month high of $47.06. The stock has a market cap of $18.37 billion and a PE ratio of 21.00. The company has a 50 day moving average of $45.08 and a 200-day moving average of $43.26.
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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