Raymond James Lowers Fortis (TSE:FTS) Price Target to C$59.00

Fortis (TSE:FTS) had its price target dropped by Raymond James from C$62.00 to C$59.00 in a report released on Thursday, BayStreet.CA reports. Raymond James’ price objective indicates a potential upside of 10.22% from the stock’s previous close.

A number of other research analysts have also weighed in on FTS. JPMorgan Chase & Co. decreased their target price on Fortis from C$53.00 to C$50.00 and set an “underweight” rating on the stock in a report on Monday, January 22nd. National Bankshares boosted their price target on Fortis from C$52.00 to C$55.00 and gave the company a “sector perform” rating in a research note on Tuesday, January 30th. Bank of America boosted their price target on Fortis from C$49.00 to C$50.00 in a research note on Tuesday, January 16th. BMO Capital Markets reduced their price target on Fortis from C$58.50 to C$58.00 and set a “market perform” rating for the company in a research note on Monday, February 12th. Finally, CIBC reduced their price target on Fortis from C$59.00 to C$56.00 and set a “neutral” rating for the company in a research note on Friday, April 19th. One research analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, Fortis currently has an average rating of “Hold” and an average price target of C$56.77.

Fortis Stock Performance

Shares of FTS stock traded down C$0.12 during trading on Thursday, reaching C$53.53. 431,481 shares of the company’s stock were exchanged, compared to its average volume of 1,548,820. The company has a quick ratio of 0.36, a current ratio of 0.68 and a debt-to-equity ratio of 128.76. The stock has a market capitalization of C$26.39 billion, a PE ratio of 17.29, a PEG ratio of 2.80 and a beta of 0.17. Fortis has a twelve month low of C$49.82 and a twelve month high of C$62.00. The firm’s fifty day moving average price is C$53.08 and its 200-day moving average price is C$54.18.

Fortis (TSE:FTS) last posted its earnings results on Friday, February 9th. The company reported C$0.72 earnings per share for the quarter, hitting analysts’ consensus estimates of C$0.72. The business had revenue of C$2.89 billion for the quarter, compared to analyst estimates of C$3.22 billion. Fortis had a return on equity of 7.41% and a net margin of 13.66%. As a group, sell-side analysts anticipate that Fortis will post 3.2119367 EPS for the current year.

Insider Activity at Fortis

In related news, Director Brian Slocum purchased 1,888 shares of Fortis stock in a transaction dated Tuesday, March 5th. The stock was bought at an average cost of C$39.18 per share, for a total transaction of C$73,971.65. In other news, Director Brian Slocum purchased 1,888 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was purchased at an average price of C$39.18 per share, with a total value of C$73,971.65. Also, Director Margarita Dilley purchased 960 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were purchased at an average cost of C$38.57 per share, with a total value of C$37,027.20. Over the last three months, insiders acquired 2,851 shares of company stock valued at $111,115. 0.04% of the stock is owned by insiders.

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.