Veritas Investment Research Reduces Fortis Target Price (TSE: FTS) to CA $ 58.00


Fortis (TSE: FTS) saw its target price lowered by investment analysts at Veritas Investment Research to C $ 58.00 in a report released Friday, Target equity advisor reports. The company currently has a “na” rating on the stock. Veritas Investment Research’s target price would indicate a potential rise of 3.37% from the company’s previous close.

A number of other research companies have also weighed in on FTS recently. CSFB raised its price target on Fortis shares from C $ 58.00 to C $ 60.00 in a research note on Thursday, November 18. JPMorgan Chase & Co. lowered its price target for Fortis shares from C $ 59.00 to C $ 58.00 in a research note on Friday. CIBC reassessed a “hold” rating and set a price target of Cdn $ 57.00 for shares of Fortis in a report released on Friday, October 29. BMO Capital Markets reaffirmed the “market return” rating of Fortis shares in a report released on Tuesday, September 21. Finally, TD Securities raised its price target for Fortis shares from C $ 63.00 to C $ 64.00 and assigned the company a “buy on share list” rating in a report released on Monday. November, 1st. One research analyst rated the stock with a sell rating, seven assigned a conservation rating, and one issued a strong buy rating for the stock. Based on MarketBeat data, the company has an average rating of “Hold” and a consensus price target of C $ 59.00.

Shares of TSE FTS traded up C $ 0.07 in Friday’s session, reaching C $ 56.11. The company traded 420,200 shares, compared to its average volume of 1,560,252. Fortis has a 52-week low of C $ 48.97 and a 52-week high of $ 59.25 THAT. The stock has a market capitalization of C $ 26.53 billion and a PE ratio of 21.34. The company has a leverage ratio of 123.25, a quick ratio of 0.44, and a current ratio of 0.77. The company’s 50-day average mobile price is C $ 56.41 and its 200-day average mobile price is C $ 56.36.

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Fortis (TSE: FTS) last released its quarterly results on Friday, October 29. The company reported earnings per share of C $ 0.64 for the quarter, reaching the Zacks consensus estimate of C $ 0.64. The company reported sales of C $ 2.20 billion for the quarter, compared to the consensus estimate of C $ 2.11 billion. Equity analysts predict that Fortis will post earnings per share of 2.86 for the current year.

Fortis Company Profile

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 433,000 retail customers in Southeast Arizona; and 98,000 retail customers in Mohave and Santa Cruz counties in Arizona with a total capacity of 3,233 megawatts (MW), including 59 MW of solar capacity.

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