Fortis (TSE:FTS) Given a C$60.00 Price Target by Bank of America Analysts

Fortis (TSE:FTS) has been given a C$60.00 price target by research analysts at Bank of America in a research note issued to investors on Friday, BayStreet.CA reports. The firm currently has an “underperform” rating on the stock. Bank of America‘s price objective would indicate a potential downside of 0.99% from the company’s previous close.

Several other research analysts also recently weighed in on FTS. JPMorgan Chase & Co. increased their price target on shares of Fortis from C$52.00 to C$53.00 in a research report on Thursday, July 25th. National Bankshares raised their target price on Fortis from C$56.00 to C$62.00 and gave the stock a “sector perform” rating in a report on Friday, August 23rd. CIBC boosted their price target on Fortis from C$57.00 to C$59.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Scotiabank upped their price target on Fortis from C$56.00 to C$63.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 20th. Finally, BMO Capital Markets lifted their price objective on Fortis from C$59.00 to C$61.00 in a research report on Thursday, September 5th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Fortis has a consensus rating of “Hold” and a consensus price target of C$60.10.

Fortis Stock Performance

Shares of FTS stock opened at C$60.60 on Friday. The firm has a market capitalization of C$30.01 billion, a PE ratio of 19.00, a P/E/G ratio of 2.80 and a beta of 0.22. 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 has a 52 week low of C$49.82 and a 52 week high of C$62.29. The company has a 50 day moving average price of C$58.86 and a 200-day moving average price of C$55.59.

Fortis (TSE:FTS) last released its quarterly earnings results on Wednesday, July 31st. The company reported C$0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$0.65 by C$0.02. Fortis had a return on equity of 7.44% and a net margin of 14.35%. The business had revenue of C$2.67 billion during the quarter, compared to the consensus estimate of C$2.71 billion. As a group, equities research analysts expect that Fortis will post 3.3416115 earnings per share for the current year.

Insider Activity

In related news, Senior Officer James Reid sold 19,972 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were 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.

About Fortis

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.