Fortis’ (FTS) “Sector Perform” Rating Reaffirmed at National Bank Financial

Fortis Inc (TSE:FTS)‘s stock had its “sector perform” rating reiterated by research analysts at National Bank Financial in a research note issued on Tuesday, October 17th. They currently have a C$49.00 price objective on the stock, up from their previous price objective of C$48.00. National Bank Financial’s target price points to a potential upside of 1.81% from the company’s previous close. National Bank Financial also issued estimates for Fortis’ Q3 2017 earnings at $0.64 EPS, FY2017 earnings at $2.54 EPS and FY2018 earnings at $2.62 EPS.

Several other brokerages also recently issued reports on FTS. Barclays PLC raised their price target on Fortis from C$37.00 to C$40.00 and gave the stock an “overweight” rating in a report on Friday, July 21st. TD Securities raised their price target on Fortis from C$48.00 to C$51.00 and gave the stock a “buy” rating in a report on Monday, July 31st. Royal Bank Of Canada cut their price target on Fortis from C$52.00 to C$51.00 and set an “outperform” rating on the stock in a report on Monday, July 31st. Scotiabank reissued an “outperform” rating and issued a C$50.00 price target on shares of Fortis in a report on Monday, July 31st. Finally, CIBC downgraded Fortis from an “outperform” rating to a “neutral” rating and raised their price target for the stock from C$47.00 to C$48.00 in a report on Thursday, August 3rd. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Fortis currently has a consensus rating of “Buy” and an average price target of C$48.56.

Fortis (TSE FTS) traded up C$0.63 during trading hours on Tuesday, reaching C$48.13. The company’s stock had a trading volume of 311,853 shares, compared to its average volume of 716,892. Fortis has a 52 week low of C$39.58 and a 52 week high of C$48.35.

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In other news, insider Earl Ludlow sold 35,056 shares of Fortis stock in a transaction on Wednesday, October 18th. The stock was sold at an average price of C$46.45, for a total transaction of C$1,628,351.20.

About Fortis

Fortis Inc is a Canada-based electric and gas utility holding company. The Company’s segments include Regulated Utilities and Non-Regulated Utilities. The Regulated Utilities segment includes Regulated Electric & Gas Utilities-the United States, which consists of ITC Holdings Corp. (ITC Holdings), UNS Energy Corporation and Central Hudson Gas & Electric Corporation (Central Hudson); Gas & Electric Utilities-Canadian, which consists of FortisAlberta Inc (FortisAlberta), FortisBC Energy Inc (FortisBC Energy), FortisBC Inc (FortisBC Electric) and Newfoundland Power Inc (Newfoundland Power); Electric Utilities-Caribbean, which includes its ownership interest in Caribbean Utilities Company, Ltd., Fortis Turks and Caicos, and its investment in Belize Electricity Limited.

Analyst Recommendations for Fortis (TSE:FTS)

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