Bank of America Reiterates “C$60.00” Price Target for Fortis (TSE:FTS)

Fortis (TSE:FTS) received a C$60.00 target price from equities researchers at Bank of America in a research note issued to investors on Friday, BayStreet.CA reports. The firm presently has an “underperform” rating on the stock. Bank of America‘s price objective suggests a potential downside of 0.23% from the company’s current price.

FTS has been the subject of a number of other reports. CIBC boosted their price target on shares of Fortis from C$57.00 to C$59.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. upped their target price on shares of Fortis from C$52.00 to C$53.00 in a research report on Thursday, July 25th. National Bankshares raised their price target on Fortis from C$56.00 to C$62.00 and gave the stock a “sector perform” rating in a research report on Friday, August 23rd. UBS Group upgraded Fortis to a “strong sell” rating in a report on Tuesday, September 10th. Finally, Raymond James increased their target price on Fortis from C$59.00 to C$61.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of C$60.10.

Fortis Trading Down 0.6 %

TSE:FTS traded down C$0.34 during trading hours on Friday, hitting C$60.14. 1,203,475 shares of the stock were exchanged, compared to its average volume of 1,640,386. The company’s 50 day moving average is C$58.73 and its two-hundred day moving average is C$55.52. The company has a market capitalization of C$29.78 billion, a P/E ratio of 18.83, a price-to-earnings-growth ratio of 2.80 and a beta of 0.22. Fortis has a twelve month low of C$49.82 and a twelve month high of C$62.29. The company has a quick ratio of 0.36, a current ratio of 0.69 and a debt-to-equity ratio of 128.59.

Fortis (TSE:FTS) last posted its quarterly earnings results on Wednesday, July 31st. The company reported C$0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of C$0.65 by C$0.02. The business had revenue of C$2.67 billion for the quarter, compared to analysts’ expectations of C$2.71 billion. Fortis had a return on equity of 7.44% and a net margin of 14.35%. On average, sell-side analysts anticipate that Fortis will post 3.3416115 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortis

In other Fortis news, Senior Officer James Reid sold 19,972 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of C$59.46, for a total transaction of C$1,187,493.18. 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.