RBC Capital analyst Maurice Choy maintained a Hold rating on Fortis (FTS – Research Report) today and set a price target of C$61.00. The company’s shares closed today at $39.74.
Choy covers the Utilities sector, focusing on stocks such as Fortis, Emera, and TransAlta. According to TipRanks, Choy has an average return of 10.3% and a 57.89% success rate on recommended stocks.
Fortis has an analyst consensus of Hold, with a price target consensus of $43.93, which is a 10.56% upside from current levels. In a report released on September 8, BMO Capital also maintained a Hold rating on the stock with a C$58.50 price target.
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Based on Fortis’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $2.59 billion and a net profit of $294 million. In comparison, last year the company earned a revenue of $2.49 billion and had a net profit of $838 million
Based on the recent corporate insider activity of 54 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of FTS in relation to earlier this year.
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Fortis, Inc. is an international electric and gas utility holding company. It operates through the following business segments: Regulated Utilities and Non-Regulated. The Regulated Utilities segment comprises of ITC which contains mainly of the electric transmission operations of the ITC regulated operating subsidiaries; UNS Energy that offers vertically integrated utility services; Central Hudson which provides regulated electric and gas T&D utility services; FortisBC Energy that distributes natural gas in British Columbia; FortisAlberta which involves in the ownership and operation of regulated electricity distribution facilities; FortisBC Electric includes the ownership of hydroelectric generating plants, high voltage transmission lines, and a large network of distribution assets; and Other Electric that contains utilities in the eastern Canada and Caribbean. The Non-Regulated segment consists of energy Infrastructure which is primarily comprised of long-term contracted generation assets in British Columbia and Belize, and a gas storage facility in British Columbia; and Corporate & Other that includes expenses and revenue items not specifically related to business operations. The company was founded in 1885 and is headquartered in St. John’s, Canada.
Read More on FTS:
- Fortis price target lowered to C$60.50 from C$61.50 at Credit Suisse
- Fortis price target lowered to C$62 from C$65 at Raymond James
- Fortis price target lowered to C$59 from C$60 at BMO Capital
- Fortis price target lowered to C$63 from C$65 at TD Securities
- Fortis Inc. To Hold Investor Day in St. John’s, Newfoundland and Labrador on September 19
