Barclays PLC Boosts Fortis Inc (FTS) Price Target to C$40.00
Fortis Inc (TSE:FTS) had its price target hoisted by Barclays PLC from C$37.00 to C$40.00 in a report issued on Friday, StockTargetPrices.com reports. The brokerage presently has an “overweight” rating on the stock. Barclays PLC’s price target would suggest a potential downside of 10.49% from the stock’s previous close.
Several other research firms also recently commented on FTS. CIBC dropped their price objective on Fortis from C$48.00 to C$47.00 in a research note on Wednesday, May 3rd. Scotiabank upped their price objective on Fortis from C$48.00 to C$49.00 and gave the company an “outperform” rating in a research note on Monday, April 17th. Finally, TD Securities reiterated a “buy” rating and issued a C$48.00 price objective on shares of Fortis in a research note on Wednesday, May 3rd. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Fortis currently has an average rating of “Buy” and an average target price of C$47.11.
Fortis (TSE:FTS) traded down 0.09% during mid-day trading on Friday, reaching $44.65. The company had a trading volume of 281,707 shares. The company’s 50-day moving average is $45.28 and its 200-day moving average is $43.61. Fortis has a one year low of $39.58 and a one year high of $47.06. The stock has a market capitalization of $18.57 billion and a PE ratio of 21.24.
In other Fortis news, insider Nora Duke sold 33,688 shares of the stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of C$46.24, for a total transaction of C$1,557,733.12. Also, insider David Bennett bought 13,401 shares of the company’s stock in a transaction on Monday, June 19th. The shares were bought at an average price of C$45.99 per share, for a total transaction of C$616,311.99. In the last 90 days, insiders have sold 93,248 shares of company stock worth $4,261,335.
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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