Fortis Inc (FTS) Receives C$47.89 Consensus Target Price from Brokerages

Fortis Inc (TSE:FTS) has earned a consensus recommendation of “Buy” from the ten analysts that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12 month price target among analysts that have covered the stock in the last year is C$47.89.

Several analysts recently issued reports on the company. TD Securities lifted their target price on Fortis from C$46.00 to C$48.00 and gave the company a “buy” rating in a research note on Friday, February 17th. J P Morgan Chase & Co reissued a “neutral” rating and set a C$44.00 target price on shares of Fortis in a research note on Monday, February 27th. Desjardins lifted their target price on Fortis from C$46.00 to C$48.00 and gave the company a “buy” rating in a research note on Friday, February 17th. CIBC raised Fortis from a “neutral” rating to an “outperform” rating in a research note on Friday, February 17th. Finally, Scotiabank reissued an “outperform” rating and set a C$48.00 target price on shares of Fortis in a research note on Friday, February 17th.

In other Fortis news, insider Karl W. Smith sold 54,024 shares of Fortis stock in a transaction that occurred on Tuesday, June 6th. The stock was 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 Fortis 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 value of C$220,424.88. In the last ninety days, insiders sold 59,560 shares of company stock worth $2,703,602.

Fortis (FTS) traded up 0.50% on Tuesday, hitting $45.79. 3,017,062 shares of the company traded hands. The firm has a market capitalization of $19.05 billion and a PE ratio of 21.78. The firm’s 50 day moving average price is $44.60 and its 200 day moving average price is $42.84. Fortis has a 1-year low of $39.58 and a 1-year high of $45.87.

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About Fortis

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “TSX:FTS”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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