Fortis (TSE:FTS) Price Target Raised to C$63.00 at JPMorgan Chase & Co.

Fortis (TSE:FTSGet Rating) had its target price upped by stock analysts at JPMorgan Chase & Co. from C$59.00 to C$63.00 in a research report issued on Tuesday, BayStreet.CA reports. JPMorgan Chase & Co.‘s price target indicates a potential downside of 2.28% from the company’s current price.

A number of other brokerages also recently issued reports on FTS. BMO Capital Markets reaffirmed a “hold” rating and set a C$60.00 price target (up from C$57.00) on shares of Fortis in a report on Tuesday, March 15th. Credit Suisse Group boosted their target price on Fortis to C$63.00 and gave the stock a “neutral” rating in a research note on Thursday, January 27th. Scotiabank increased their price target on shares of Fortis from C$60.00 to C$61.00 in a research note on Thursday, January 27th. UBS Group cut their price objective on shares of Fortis from C$61.00 to C$58.00 and set a “neutral” rating on the stock in a report on Monday, January 31st. Finally, TD Securities cut shares of Fortis from an “action list buy” rating to a “buy” rating and upped their target price for the company from C$64.00 to C$65.00 in a report on Thursday, January 6th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of C$60.50.

Fortis stock traded down C$0.23 during trading on Tuesday, reaching C$64.47. The stock had a trading volume of 338,570 shares, compared to its average volume of 1,510,284. The company has a quick ratio of 0.29, a current ratio of 0.57 and a debt-to-equity ratio of 124.11. Fortis has a 52-week low of C$54.32 and a 52-week high of C$65.13. The stock has a market cap of C$30.74 billion and a PE ratio of 24.69. The business has a 50 day moving average price of C$60.13 and a 200 day moving average price of C$58.61.

Fortis (TSE:FTSGet Rating) last announced its quarterly earnings data on Friday, February 11th. The company reported C$0.63 earnings per share for the quarter, missing the Zacks’ consensus estimate of C$0.72 by C($0.09). The firm had revenue of C$2.58 billion for the quarter, compared to analyst estimates of C$2.36 billion. On average, equities analysts predict that Fortis will post 2.9799998 EPS for the current fiscal year.

In other news, Director Gary Joseph Smith sold 16,720 shares of the business’s stock in a transaction dated Thursday, March 31st. The shares were sold at an average price of C$62.03, for a total transaction of C$1,037,175.04. Following the transaction, the director now directly owns 13,253 shares in the company, valued at C$822,110.10. Also, Senior Officer Nora Duke sold 10,000 shares of the stock in a transaction dated Tuesday, March 8th. The stock was sold at an average price of C$61.35, for a total transaction of C$613,500.00. Following the transaction, the insider now directly owns 111,987 shares of the company’s stock, valued at C$6,870,402.45. Insiders have sold 78,781 shares of company stock valued at $4,800,615 in the last quarter.

Fortis Company Profile (Get Rating)

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 438,000 retail customers in southeastern Arizona; and 100,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,485 megawatts (MW), including 53 MW of solar capacity and 252 MV of wind capacity.

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Analyst Recommendations for Fortis (TSE:FTS)

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