Fortis (TSE:FTS) Price Target Raised to C$59.00

Fortis (TSE:FTS) had its price objective boosted by investment analysts at Wells Fargo & Company from C$56.00 to C$59.00 in a research report issued to clients and investors on Wednesday, BayStreet.CA reports. Wells Fargo & Company‘s price target indicates a potential upside of 5.91% from the stock’s previous close.

FTS has been the subject of a number of other research reports. BMO Capital Markets lifted their target price on Fortis from C$58.00 to C$58.50 and gave the stock a “market perform” rating in a report on Thursday, May 2nd. Raymond James lowered their target price on shares of Fortis from C$62.00 to C$59.00 in a research note on Thursday, April 25th. National Bankshares lifted their price target on Fortis from C$52.00 to C$55.00 and gave the company a “sector perform” rating in a report on Tuesday, January 30th. Bank of America upped their price objective on Fortis from C$49.00 to C$50.00 in a research note on Tuesday, January 16th. Finally, Scotiabank reduced their price objective on shares of Fortis from C$60.00 to C$56.00 and set a “sector perform” rating for the company in a research note on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of C$57.04.

Fortis Stock Up 1.0 %

FTS stock traded up C$0.54 on Wednesday, reaching C$55.71. 420,246 shares of the company traded hands, compared to its average volume of 1,529,909. The company has a debt-to-equity ratio of 128.89, a current ratio of 0.60 and a quick ratio of 0.36. The firm has a fifty day simple moving average of C$53.30 and a 200-day simple moving average of C$54.18. Fortis has a one year low of C$49.82 and a one year high of C$62.00. The company has a market cap of C$27.47 billion, a P/E ratio of 17.82, a price-to-earnings-growth ratio of 2.80 and a beta of 0.18.

Fortis (TSE:FTS) last announced its quarterly earnings data on Friday, February 9th. The company reported C$0.72 EPS for the quarter, meeting the consensus estimate of C$0.72. Fortis had a net margin of 14.11% and a return on equity of 7.38%. The company had revenue of C$2.89 billion for the quarter, compared to the consensus estimate of C$3.22 billion. Research analysts anticipate that Fortis will post 3.1998828 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Margarita Dilley bought 960 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was purchased at an average price of C$38.57 per share, with a total value of C$37,027.20. In related news, Director Brian Slocum acquired 1,888 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was acquired at an average price of C$39.18 per share, for a total transaction of C$73,971.65. Also, Director Margarita Dilley purchased 960 shares of the stock in a transaction on Thursday, February 29th. The shares were purchased at an average price of C$38.57 per share, with a total value of C$37,027.20. Insiders bought 2,851 shares of company stock worth $111,115 in the last 90 days. Insiders own 0.04% of the company’s stock.

Fortis Company Profile

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 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.