Fortis (FTS) Receives Outperform Rating from Raymond James

Fortis (TSE:FTS)‘s stock had its “outperform” rating restated by stock analysts at Raymond James in a research note issued on Tuesday. They presently have a C$50.00 price objective on the stock. Raymond James’ price objective indicates a potential upside of 7.85% from the stock’s previous close.

Other analysts have also issued research reports about the company. TD Securities upped their price objective on Fortis from C$46.00 to C$48.00 and gave the company a “buy” rating in a research note on Monday, November 5th. BMO Capital Markets upped their price objective on Fortis from C$48.00 to C$49.00 in a research note on Tuesday. Royal Bank of Canada upped their price objective on Fortis from C$49.00 to C$50.00 and gave the company an “outperform” rating in a research note on Monday, November 5th. UBS Group increased their target price on Fortis from C$49.00 to C$53.00 in a research note on Thursday, November 29th. Finally, CIBC lowered their target price on Fortis from C$48.00 to C$46.00 in a research note on Wednesday, October 24th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of C$49.56.

TSE:FTS opened at C$46.36 on Tuesday. The company has a debt-to-equity ratio of 134.30, a quick ratio of 0.35 and a current ratio of 0.77. The company has a market capitalization of $19.87 billion and a price-to-earnings ratio of 17.90. Fortis has a 12-month low of C$40.21 and a 12-month high of C$48.10.

In other Fortis news, insider Nora Duke sold 16,742 shares of the firm’s stock in a transaction on Thursday, December 13th. The stock was sold at an average price of C$47.25, for a total value of C$791,059.50. Also, Director Jamie Roberts sold 2,499 shares of the firm’s stock in a transaction on Tuesday, December 4th. The shares were sold at an average price of C$47.19, for a total value of C$117,927.81.

About Fortis

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 422,000 retail customers in southeastern Arizona; and 96,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 2,834 megawatts (MW), including 64 MW of solar capacity.

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Analyst Recommendations for Fortis (TSE:FTS)

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