Fortis Inc. (FTS) Receives Consensus Recommendation of “Buy” from Analysts
Shares of Fortis Inc. (TSE:FTS) have been given an average rating of “Buy” by the ten analysts that are currently covering the company, MarketBeat.com reports. One equities research 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 analysts that have covered the stock in the last year is C$49.00.
A number of research analysts recently commented on FTS shares. BMO Capital Markets set a C$51.00 target price on Fortis in a research note on Friday, September 15th. J P Morgan Chase & Co cut their target price on Fortis from C$46.00 to C$45.00 in a research note on Tuesday, September 26th. National Bank Financial reiterated a “sector perform” rating and issued a C$49.00 price target (up from C$48.00) on shares of Fortis in a research report on Tuesday, October 17th. CIBC upped their price target on Fortis from C$48.00 to C$49.00 in a research report on Tuesday, October 17th. Finally, Scotiabank upped their price target on Fortis from C$50.00 to C$51.00 and gave the company an “outperform” rating in a research report on Monday, November 6th.
Shares of Fortis (TSE:FTS) traded down C$0.07 during midday trading on Thursday, hitting C$47.27. The company had a trading volume of 650,070 shares, compared to its average volume of 825,263. Fortis has a twelve month low of C$40.08 and a twelve month high of C$48.73.
In other news, insider Earl Ludlow sold 35,056 shares of the stock in a transaction on Wednesday, October 18th. The stock was sold at an average price of C$46.45, for a total transaction of C$1,628,351.20. Also, Director Jamie Roberts sold 1,569 shares of the stock in a transaction on Thursday, November 9th. The stock was sold at an average price of C$48.11, for a total value of C$75,484.59.
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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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