Fortis Inc (FTS) Receives Consensus Recommendation of “Buy” from Brokerages
Shares of Fortis Inc (TSE:FTS) have earned an average rating of “Buy” from the ten analysts that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is C$47.89.
Several analysts have recently issued reports on the stock. J P Morgan Chase & Co reissued a “neutral” rating and issued a C$44.00 price target on shares of Fortis in a research report on Monday, February 27th. TD Securities reissued a “buy” rating and issued a C$48.00 price target on shares of Fortis in a research report on Friday, March 3rd. Scotiabank reissued an “outperform” rating and issued a C$49.00 price target on shares of Fortis in a research report on Wednesday, May 3rd. CIBC lowered their price target on shares of Fortis from C$48.00 to C$47.00 in a research report on Wednesday, May 3rd. Finally, Barclays PLC reissued an “overweight” rating and issued a C$48.00 price target on shares of Fortis in a research report on Wednesday, March 29th.
In other Fortis news, insider Karl W. Smith sold 54,024 shares of the business’s stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of C$45.53, for a total value of C$2,459,712.72. Also, Director Jamie Roberts sold 4,836 shares of the business’s stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of C$45.58, for a total transaction of C$220,424.88. Insiders have sold a total of 59,560 shares of company stock worth $2,703,602 in the last ninety days.
Shares of Fortis (TSE:FTS) traded up 0.50% on Tuesday, hitting $45.79. 3,017,062 shares of the stock traded hands. The stock has a 50 day moving average price of $44.64 and a 200-day moving average price of $42.87. The stock has a market cap of $19.05 billion and a price-to-earnings ratio of 22.45. Fortis has a 52 week low of $39.58 and a 52 week high of $45.87.
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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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