Wells Fargo & Company Boosts Fortis (TSE:FTS) Price Target to C$59.00

Fortis (TSE:FTS) had its price objective upped by analysts at Wells Fargo & Company from C$56.00 to C$59.00 in a research note issued to investors on Wednesday, BayStreet.CA reports. Wells Fargo & Company‘s price target suggests a potential upside of 5.30% from the company’s current price.

Several other equities analysts also recently weighed in on the company. Raymond James lowered their target price on Fortis from C$62.00 to C$59.00 in a research report on Thursday, April 25th. CIBC increased their target price on shares of Fortis from C$56.00 to C$57.00 and gave the stock a “neutral” rating in a report on Thursday, May 2nd. National Bankshares lifted their price target on shares of Fortis from C$52.00 to C$55.00 and gave the company a “sector perform” rating in a report on Tuesday, January 30th. Bank of America increased their price objective on shares of Fortis from C$49.00 to C$50.00 in a research note on Tuesday, January 16th. Finally, Scotiabank lowered their target price on shares of Fortis from C$60.00 to C$56.00 and set a “sector perform” rating on the stock in a research note on Monday, April 22nd. One analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of C$57.04.

Fortis Price Performance

Shares of TSE:FTS opened at C$56.03 on Wednesday. The firm’s 50 day moving average price is C$53.36 and its 200-day moving average price is C$54.19. The company has a quick ratio of 0.36, a current ratio of 0.60 and a debt-to-equity ratio of 128.89. The stock has a market capitalization of C$27.62 billion, a PE ratio of 17.90, a price-to-earnings-growth ratio of 2.80 and a beta of 0.18. Fortis has a twelve month low of C$49.82 and a twelve month high of C$62.00.

Fortis (TSE:FTS) last issued its quarterly earnings results on Friday, February 9th. The company reported C$0.72 earnings per share for the quarter, hitting the consensus estimate of C$0.72. The business had revenue of C$2.89 billion for the quarter, compared to analysts’ expectations of C$3.22 billion. Fortis had a net margin of 14.11% and a return on equity of 7.38%. Equities research analysts expect that Fortis will post 3.1998828 EPS for the current year.

Insider Activity

In related news, Senior Officer Ronald Hinsley sold 972 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of C$38.79, for a total transaction of C$37,706.21. In other Fortis news, Senior Officer Ronald Hinsley sold 972 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of C$38.79, for a total value of C$37,706.21. Also, Director Margarita Dilley bought 960 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were acquired at an average price of C$38.57 per share, with a total value of C$37,027.20. Over the last quarter, insiders have bought 2,851 shares of company stock valued at $111,115. 0.04% of the stock is currently owned by company insiders.

Fortis Company Profile

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 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.