In a report released today, Richard Sunderland from J.P. Morgan maintained a Sell rating on Fortis (FTS – Research Report), with a price target of C$50.00. The company’s shares opened today at $40.49.
Sunderland covers the Utilities sector, focusing on stocks such as Fortis, Emera, and American Water. According to TipRanks, Sunderland has an average return of 0.4% and a 46.24% success rate on recommended stocks.
In addition to J.P. Morgan, Fortis also received a Sell from Bank of America Securities’s Julien Dumoulin Smith in a report issued on January 16. However, on January 17, Wells Fargo maintained a Hold rating on Fortis (NYSE: FTS).
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FTS market cap is currently $19.79B and has a P/E ratio of 17.69.
Based on the recent corporate insider activity of 61 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.
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