Royal Bank Of Canada Raises Fortis Inc (FTS) Price Target to C$53.00

Fortis Inc (TSE:FTS) had its price target upped by Royal Bank Of Canada from C$51.00 to C$53.00 in a research note issued on Monday. The firm currently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price indicates a potential upside of 9.98% from the company’s current price.

A number of other equities research analysts have also recently commented on the company. BMO Capital Markets set a C$51.00 price target on Fortis in a report on Friday, September 15th. J P Morgan Chase & Co raised their price target on Fortis from C$47.00 to C$48.00 in a report on Thursday, October 19th. Barclays PLC raised their price target on Fortis from C$37.00 to C$40.00 and gave the company an “overweight” rating in a report on Friday, July 21st. Scotiabank reissued an “outperform” rating and set a C$50.00 price target on shares of Fortis in a report on Monday, July 31st. Finally, National Bank Financial reissued a “sector perform” rating and set a C$49.00 price target (up from C$48.00) on shares of Fortis in a report on Tuesday, October 17th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of C$48.89.

Fortis (TSE:FTS) traded up C$0.69 during trading hours on Monday, reaching C$48.19. The company’s stock had a trading volume of 387,458 shares, compared to its average volume of 716,892. Fortis has a twelve month low of C$39.58 and a twelve month high of C$48.35.

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In other news, insider Earl Ludlow sold 35,056 shares of Fortis stock in a transaction dated Wednesday, October 18th. The stock was sold at an average price of C$46.45, for a total value of C$1,628,351.20.

Fortis Company Profile

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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