Fortis Inc (FTS) Given Average Recommendation of “Buy” by Brokerages
Shares of Fortis Inc (TSE:FTS) have been given an average rating of “Buy” by the ten analysts that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is C$48.56.
A number of analysts have commented on FTS shares. J P Morgan Chase & Co cut their price objective on shares of Fortis from C$46.00 to C$45.00 in a report on Tuesday, September 26th. BMO Capital Markets set a C$51.00 price objective on shares of Fortis in a report on Friday, September 15th. CIBC increased their price objective on shares of Fortis from C$48.00 to C$49.00 in a report on Tuesday, October 17th. TD Securities increased their price objective on shares of Fortis from C$48.00 to C$51.00 and gave the company a “buy” rating in a report on Monday, July 31st. Finally, Scotiabank reiterated an “outperform” rating and issued a C$50.00 price objective on shares of Fortis in a report on Monday, July 31st.
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In other news, insider Earl Ludlow sold 35,056 shares of the firm’s stock in a transaction that occurred on Wednesday, October 18th. The shares were sold at an average price of C$46.45, for a total transaction of C$1,628,351.20.
Shares of Fortis (FTS) traded down 0.06% during midday trading on Wednesday, hitting $46.78. The stock had a trading volume of 521,615 shares. The stock has a market cap of $19.55 billion and a PE ratio of 20.16. Fortis has a 52-week low of $39.58 and a 52-week high of $47.06. The firm has a 50 day moving average price of $45.29 and a 200-day moving average price of $45.05.
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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