Fortis (NYSE:FTS) Price Target Cut to $59.00

Fortis (NYSE:FTS) had its target price lowered by equities researchers at UBS Group from $62.00 to $59.00 in a report issued on Friday, Stock Target Advisor reports. The brokerage presently has a “buy” rating on the utilities provider’s stock. UBS Group’s target price indicates a potential upside of 47.98% from the stock’s previous close.

FTS has been the subject of a number of other research reports. JPMorgan Chase & Co. raised their price target on shares of Fortis from $52.00 to $57.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. ValuEngine downgraded shares of Fortis from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Wolfe Research assumed coverage on shares of Fortis in a research report on Thursday, October 10th. They set a “market perform” rating for the company. Zacks Investment Research downgraded shares of Fortis from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Finally, Royal Bank of Canada reissued a “buy” rating on shares of Fortis in a research report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $55.40.

Shares of FTS stock traded down $0.34 during mid-day trading on Friday, reaching $39.87. 354,753 shares of the company were exchanged, compared to its average volume of 385,425. Fortis has a fifty-two week low of $31.80 and a fifty-two week high of $42.80. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.51 and a current ratio of 0.56. The company has a market capitalization of $17.69 billion, a P/E ratio of 20.87, a P/E/G ratio of 3.61 and a beta of 0.14. The business’s 50 day simple moving average is $41.77 and its 200 day simple moving average is $39.97.

Fortis (NYSE:FTS) last released its quarterly earnings results on Friday, November 1st. The utilities provider reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.01. Fortis had a net margin of 12.72% and a return on equity of 6.75%. The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.59 billion. During the same quarter last year, the company earned $0.65 earnings per share. On average, analysts forecast that Fortis will post 1.97 EPS for the current year.

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Fortis by 3.3% in the second quarter. Vanguard Group Inc. now owns 12,410,114 shares of the utilities provider’s stock worth $489,828,000 after purchasing an additional 398,352 shares during the period. TD Asset Management Inc. boosted its holdings in Fortis by 3.3% in the second quarter. TD Asset Management Inc. now owns 9,625,555 shares of the utilities provider’s stock worth $380,897,000 after purchasing an additional 304,290 shares during the period. Scotia Capital Inc. boosted its holdings in Fortis by 2.2% in the second quarter. Scotia Capital Inc. now owns 4,167,287 shares of the utilities provider’s stock worth $164,121,000 after purchasing an additional 90,556 shares during the period. Caisse DE Depot ET Placement DU Quebec acquired a new position in Fortis in the second quarter worth $162,243,000. Finally, Renaissance Technologies LLC boosted its holdings in Fortis by 40.5% in the second quarter. Renaissance Technologies LLC now owns 2,994,900 shares of the utilities provider’s stock worth $118,209,000 after purchasing an additional 863,900 shares during the period. 52.13% of the stock is owned by hedge funds and other institutional investors.

Fortis Company Profile

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.

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Analyst Recommendations for Fortis (NYSE:FTS)

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