Fortis (TSE:FTS) was upgraded by equities research analysts at Raymond James Financial from a “market perform” rating to an “outperform” rating in a report released on Friday.
A number of other equities research analysts also recently issued reports on FTS. National Bank Financial reiterated a “sector perform” rating and set a C$49.00 price target (up from C$48.00) on shares of Fortis in a research report on Tuesday, October 17th. CIBC lifted their price target on shares of Fortis from C$48.00 to C$49.00 in a research report on Tuesday, October 17th. JPMorgan Chase & Co. lifted their price target on shares of Fortis from C$47.00 to C$48.00 in a research report on Thursday, October 19th. Scotiabank lifted their price target on shares of Fortis from C$50.00 to C$51.00 and gave the company an “outperform” rating in a research report on Monday, November 6th. Finally, Royal Bank of Canada lifted their price target on shares of Fortis from C$51.00 to C$53.00 and gave the company an “outperform” rating in a research report on Monday, November 6th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of C$48.89.
Fortis (TSE:FTS) traded up C$0.92 during mid-day trading on Friday, hitting C$41.52. 1,096,993 shares of the stock were exchanged, compared to its average volume of 1,161,897. Fortis has a 52 week low of C$40.57 and a 52 week high of C$48.73. The firm has a market cap of $17,350.00, a P/E ratio of 16.65 and a beta of -0.06.
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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