Scotiabank Raises Fortis (NYSE:FTS) Price Target to C$63.00

Fortis (NYSE:FTSGet Rating) had its price objective lifted by research analysts at Scotiabank from C$61.00 to C$63.00 in a research note issued on Tuesday, The Fly reports.

Several other equities analysts have also weighed in on the stock. UBS Group lowered shares of Fortis from a “buy” rating to a “neutral” rating and set a $61.00 price objective on the stock. in a report on Wednesday, January 5th. Zacks Investment Research upgraded shares of Fortis from a “sell” rating to a “hold” rating in a report on Wednesday, April 13th. CIBC dropped their price objective on shares of Fortis from C$61.00 to C$60.00 in a report on Monday, February 14th. Finally, StockNews.com assumed coverage on shares of Fortis in a research report on Thursday, March 31st. They set a “hold” rating for the company. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $58.75.

FTS stock traded up $0.08 during midday trading on Tuesday, hitting $50.46. The stock had a trading volume of 7,369 shares, compared to its average volume of 543,414. The firm has a market cap of $24.06 billion, a P/E ratio of 24.53, a price-to-earnings-growth ratio of 3.77 and a beta of 0.33. The company has a current ratio of 0.57, a quick ratio of 0.47 and a debt-to-equity ratio of 1.25. Fortis has a 1-year low of $43.12 and a 1-year high of $51.66. The business has a fifty day moving average price of $47.86 and a two-hundred day moving average price of $46.47.

Fortis (NYSE:FTSGet Rating) last announced its quarterly earnings data on Friday, February 11th. The utilities provider reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.57 by ($0.07). Fortis had a net margin of 13.18% and a return on equity of 6.43%. The company had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2.34 billion. During the same quarter in the prior year, the company posted $0.53 EPS. On average, equities analysts anticipate that Fortis will post 2.26 EPS for the current year.

Hedge funds have recently modified their holdings of the business. Caledonia Investments PLC bought a new position in shares of Fortis during the 1st quarter valued at approximately $21,359,000. Mitchell & Pahl Private Wealth LLC grew its position in shares of Fortis by 29.5% during the 1st quarter. Mitchell & Pahl Private Wealth LLC now owns 7,031 shares of the utilities provider’s stock valued at $348,000 after acquiring an additional 1,601 shares during the period. Veriti Management LLC grew its position in shares of Fortis by 20.3% during the 1st quarter. Veriti Management LLC now owns 7,566 shares of the utilities provider’s stock valued at $375,000 after acquiring an additional 1,275 shares during the period. CLARET ASSET MANAGEMENT Corp grew its position in shares of Fortis by 7.5% during the 1st quarter. CLARET ASSET MANAGEMENT Corp now owns 6,770 shares of the utilities provider’s stock valued at $335,000 after acquiring an additional 470 shares during the period. Finally, Community Financial Services Group LLC grew its position in shares of Fortis by 2.1% during the 4th quarter. Community Financial Services Group LLC now owns 103,616 shares of the utilities provider’s stock valued at $5,001,000 after acquiring an additional 2,112 shares during the period. 47.41% of the stock is owned by institutional investors and hedge funds.

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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