Fortis (TSE:FTS) Price Target Increased to C$59.00 by Analysts at Wells Fargo & Company

Fortis (TSE:FTS) had its price objective lifted by stock analysts at Wells Fargo & Company from C$56.00 to C$59.00 in a research note issued on Wednesday, BayStreet.CA reports. Wells Fargo & Company‘s price target would indicate a potential upside of 5.91% from the stock’s current price.

Several other research analysts have also issued reports on the company. JPMorgan Chase & Co. dropped their price objective on Fortis from C$53.00 to C$50.00 and set an “underweight” rating for the company in a research note on Monday, January 22nd. Raymond James cut their price target on shares of Fortis from C$62.00 to C$59.00 in a report on Thursday, April 25th. CIBC boosted their price target on shares of Fortis from C$56.00 to C$57.00 and gave the company a “neutral” rating in a research report on Thursday, May 2nd. National Bankshares lifted their target price on shares of Fortis from C$52.00 to C$55.00 and gave the company a “sector perform” rating in a research note on Tuesday, January 30th. Finally, Bank of America boosted their target price on Fortis from C$49.00 to C$50.00 in a report on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of C$57.04.

Fortis Price Performance

Shares of TSE:FTS traded up C$0.54 during midday trading on Wednesday, reaching C$55.71. 420,246 shares of the company’s stock were exchanged, compared to its average volume of 1,529,909. The firm has a market capitalization of C$27.47 billion, a PE ratio of 17.82, a price-to-earnings-growth ratio of 2.80 and a beta of 0.18. The company’s 50 day simple moving average is C$53.30 and its two-hundred day simple moving average is C$54.18. Fortis has a 12 month low of C$49.82 and a 12 month high of C$62.00. The company has a debt-to-equity ratio of 128.89, a quick ratio of 0.36 and a current ratio of 0.60.

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

Insider Activity

In other news, Director Brian Slocum purchased 1,888 shares of the business’s stock in a transaction dated Tuesday, March 5th. The shares were acquired at an average price of C$39.18 per share, with a total value of C$73,971.65. In other Fortis news, Director Brian Slocum purchased 1,888 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was acquired at an average cost of C$39.18 per share, with a total value of C$73,971.65. Also, Senior Officer Ronald Hinsley sold 972 shares of the firm’s stock in a transaction that occurred on 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 the last ninety days, insiders bought 2,851 shares of company stock valued at $111,115. Company insiders own 0.04% of the company’s stock.

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.