Raymond James Lowers Fortis (TSE:FTS) Price Target to C$59.00

Fortis (TSE:FTS) had its price objective dropped by research analysts at Raymond James from C$62.00 to C$59.00 in a research note issued on Thursday, BayStreet.CA reports. Raymond James’ target price suggests a potential upside of 10.22% from the stock’s previous close.

Several other analysts also recently issued reports on the company. CIBC cut their price objective on Fortis from C$59.00 to C$56.00 and set a “neutral” rating on the stock in a report on Friday, April 19th. Scotiabank lowered their target price on Fortis from C$60.00 to C$56.00 and set a “sector perform” rating on the stock in a research note on Monday. Bank of America lifted their target price on Fortis from C$49.00 to C$50.00 in a research note on Tuesday, January 16th. National Bankshares lifted their target price on 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, JPMorgan Chase & Co. lowered their target price on Fortis from C$53.00 to C$50.00 and set an “underweight” rating on the stock in a research note on Monday, January 22nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of C$56.77.

Fortis Trading Down 0.2 %

TSE FTS traded down C$0.12 on Thursday, hitting C$53.53. 431,481 shares of the company were exchanged, compared to its average volume of 1,548,820. The company’s 50 day moving average price is C$53.08 and its 200-day moving average price is C$54.18. The company has a debt-to-equity ratio of 128.76, a current ratio of 0.68 and a quick ratio of 0.36. The firm has a market capitalization of C$26.39 billion, a P/E ratio of 17.29, a price-to-earnings-growth ratio of 2.80 and a beta of 0.17. Fortis has a twelve month low of C$49.82 and a twelve month high of C$62.00.

Fortis (TSE:FTS) last posted its quarterly earnings data on Friday, February 9th. The company reported C$0.72 earnings per share (EPS) for the quarter, hitting the consensus estimate of C$0.72. The firm had revenue of C$2.89 billion for the quarter, compared to the consensus estimate of C$3.22 billion. Fortis had a return on equity of 7.41% and a net margin of 13.66%. Analysts predict that Fortis will post 3.2119367 earnings per share for the current fiscal year.

Insider Activity at Fortis

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