Wunderlich Reiterates Overweight Rating for ITC Holdings Corp. (ITC)
ITC Holdings Corp. (NYSE:ITC)‘s stock had its “overweight” rating restated by equities researchers at Wunderlich in a research report issued on Thursday. They currently have a $41.00 target price on the stock, up from their previous target price of $39.00. Wunderlich’s price target suggests a potential upside of 9.77% from the company’s current price.
The analysts wrote, “Ahead of a competitor conference ITC hosted a dinner that we believe was supportive of our OW-rating. The key takeaways were: 1) Confidence in ROEs having only modest downside based on recent FERC actions and updated calculations of return ranges; 2) Comfort with well-above peer growth targets laid out at the last analyst day; 3) Expectations for federal policy to remain constructive around transmission build out and return levels,albeit with some uncertainty due to changing leadership;and 4) Openness to considering REIT formation at the right time.”
A number of other firms have also recently commented on ITC. Analysts at Barclays reiterated an “equal weight” rating on shares of ITC Holdings Corp. in a research note on Thursday, August 28th. They now have a $40.00 price target on the stock. Separately, analysts at Leerink Swann initiated coverage on shares of ITC Holdings Corp. in a research note on Wednesday, August 13th. They set an “outperform” rating and a $34.00 price target on the stock. Finally, analysts at Argus upgraded shares of ITC Holdings Corp. from a “hold” rating to a “buy” rating in a research note on Monday, July 21st. They now have a $42.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $38.88.
In other ITC Holdings Corp. news, COO Jon E. Jipping unloaded 7,311 shares of ITC Holdings Corp. stock on the open market in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $37.50, for a total value of $274,162.50. The transaction was disclosed in a filing with the SEC, which is available at this link.
ITC Holdings Corp. (NYSE:ITC) opened at 37.35 on Thursday. ITC Holdings Corp. has a one year low of $28.7233 and a one year high of $38.43. The stock has a 50-day moving average of $36.42 and a 200-day moving average of $36.39. The company has a market cap of $5.843 billion and a P/E ratio of 22.87.
ITC Holdings Corp. (NYSE:ITC) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.01. The company had revenue of $263.20 million for the quarter, compared to the consensus estimate of $265.01 million. During the same quarter in the previous year, the company posted $1.20 earnings per share. The company’s revenue for the quarter was up 14.5% on a year-over-year basis. Analysts expect that ITC Holdings Corp. will post $1.88 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.1625 per share. This represents a $0.65 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend is Thursday, August 28th. This is a positive change from ITC Holdings Corp.’s previous quarterly dividend of $0.14.
ITC Holdings Corp. (NYSE:ITC) is engaged in the electric transmission operations of its Regulated Operating Subsidiaries.
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