Fortis Inc. (FTS) Receives C$46.63 Consensus Target Price from Brokerages

Fortis Inc. (TSE:FTS) has received an average rating of “Buy” from the nine analysts that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is C$46.63.

Several equities analysts have recently issued reports on the company. CIBC upgraded Fortis from a “neutral” rating to an “outperform” rating in a research report on Friday, February 16th. Scotiabank downgraded Fortis from an “outperform” rating to a “sector perform” rating and set a C$48.00 price objective for the company. in a research report on Wednesday, May 2nd. National Bank Financial upgraded Fortis from an “underperform” rating to a “sector perform” rating and set a C$43.00 price objective for the company in a research report on Friday, February 16th. Royal Bank of Canada reduced their price objective on Fortis from C$53.00 to C$49.00 and set an “outperform” rating for the company in a research report on Friday, February 16th. Finally, TD Securities reduced their price objective on Fortis from C$51.00 to C$46.00 and set a “buy” rating for the company in a research report on Friday, February 16th.

Shares of TSE FTS traded down C$0.09 during midday trading on Thursday, hitting C$40.33. 791,600 shares of the company’s stock were exchanged, compared to its average volume of 1,034,999. Fortis has a twelve month low of C$39.38 and a twelve month high of C$48.73.



Fortis (TSE:FTS) last issued its quarterly earnings data on Tuesday, May 1st. The company reported C$0.69 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of C$0.69. The business had revenue of C$2.20 billion during the quarter, compared to the consensus estimate of C$2.13 billion. Fortis had a return on equity of 8.20% and a net margin of 16.89%.

In other news, Director David Gerard Hutchens bought 16,300 shares of the business’s stock in a transaction on Monday, March 19th. The stock was purchased at an average cost of C$32.74 per share, for a total transaction of C$533,662.00.

About Fortis

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 422,000 retail customers in southeastern Arizona; and 96,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 2,834 megawatts (MW), including 64 MW of solar capacity.

Analyst Recommendations for Fortis (TSE:FTS)

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