Fortis Inc. (FTS) Given Consensus Recommendation of “Buy” by Brokerages

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Shares of Fortis Inc. (TSE:FTS) have been given an average recommendation of “Buy” by the nine analysts that are covering the company, Marketbeat reports. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is C$46.63.

A number of research analysts have weighed in on the stock. CIBC boosted their target price on shares of Fortis from C$50.00 to C$51.00 in a research note on Friday, March 23rd. Scotiabank lowered shares of Fortis from an “outperform” rating to a “sector perform” rating and set a C$48.00 price target on the stock. in a research report on Wednesday, May 2nd. National Bank Financial boosted their price target on shares of Fortis from C$43.00 to C$44.00 and gave the company a “sector perform” rating in a research report on Wednesday, May 2nd. Royal Bank of Canada lowered their price target on shares of Fortis from C$53.00 to C$49.00 and set an “outperform” rating on the stock in a research report on Friday, February 16th. Finally, TD Securities lowered their price target on shares of Fortis from C$51.00 to C$46.00 and set a “buy” rating on the stock in a research report on Friday, February 16th.

Fortis traded down C$0.34, reaching C$41.43, during midday trading on Thursday, according to Marketbeat. The company had a trading volume of 1,547,714 shares, compared to its average volume of 1,049,289. Fortis has a 12-month low of C$39.38 and a 12-month high of C$48.73.

Fortis (TSE:FTS) last released its earnings results on Tuesday, May 1st. The company reported C$0.69 earnings per share for the quarter, meeting the Zacks’ consensus estimate of C$0.69. The firm had revenue of C$2.20 billion for the quarter, compared to analysts’ expectations of C$2.13 billion. Fortis had a net margin of 16.89% and a return on equity of 8.20%.

In other Fortis news, Director David Gerard Hutchens purchased 16,300 shares of the stock in a transaction dated Monday, March 19th. The shares were bought at an average price of C$32.74 per share, with a total value of C$533,662.00.

Fortis Company Profile

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.

Analyst Recommendations for Fortis (TSE:FTS)

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