CIBC analyst Mark Jarvi maintained a Hold rating on Fortis (FTS – Research Report) today and set a price target of C$58.00. The company’s shares closed today at $39.37.
According to TipRanks, Jarvi is a 5-star analyst with an average return of 9.8% and a 64.29% success rate. Jarvi covers the Utilities sector, focusing on stocks such as Northland Power, TransAlta, and Emera.
Currently, the analyst consensus on Fortis is a Hold with an average price target of $41.95, implying a 6.57% upside from current levels. In a report released on October 16, Scotiabank also maintained a Hold rating on the stock with a C$57.00 price target.
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The company has a one-year high of $45.37 and a one-year low of $35.01. Currently, Fortis has an average volume of 768.9K.
Based on the recent corporate insider activity of 57 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.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Fortis (FTS) Company Description:
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$57 from C$58 at Scotiabank
- Fortis Inc. to Hold Teleconference and Webcast on October 27 to Discuss Third Quarter 2023 Results
- Fortis price target lowered to $37 from $38 at BofA
- Fortis announces new $25B five year capital outlook
- Fortis Inc. Establishes At-The-Market Equity Program
