Fortis Inc. (FTS) Price Target Raised to C$51.00

Fortis Inc. (TSE:FTS) had its price objective raised by research analysts at Scotiabank from C$50.00 to C$51.00 in a research note issued to investors on Monday, November 6th. The brokerage currently has an “outperform” rating on the stock. Scotiabank’s target price would suggest a potential upside of 6.18% from the company’s previous close.

Several other research firms have also recently commented on FTS. Royal Bank Of Canada dropped their price objective on Fortis from C$52.00 to C$51.00 and set an “outperform” rating on the stock in a research report on Monday, July 31st. J P Morgan Chase & Co raised their target price on Fortis from C$47.00 to C$48.00 in a research report on Thursday, October 19th. BMO Capital Markets set a C$51.00 target price on Fortis in a research report on Friday, September 15th. National Bank Financial reissued a “sector perform” rating and issued a C$49.00 target price (up from C$48.00) on shares of Fortis in a research report on Tuesday, October 17th. Finally, CIBC raised their target price on Fortis from C$48.00 to C$49.00 in a research report on Tuesday, October 17th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Fortis presently has an average rating of “Buy” and an average price target of C$49.00.

Fortis (TSE FTS) traded up C$0.14 during trading on Monday, hitting C$48.03. The company had a trading volume of 454,618 shares, compared to its average volume of 599,059. Fortis has a 12 month low of C$39.83 and a 12 month high of C$48.73.

In other news, insider Earl Ludlow sold 35,056 shares of the firm’s stock in a transaction dated Wednesday, October 18th. The stock was sold at an average price of C$46.45, for a total value of C$1,628,351.20. Also, Director Jamie Roberts sold 1,569 shares of the firm’s stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of C$48.11, for a total value of C$75,484.59.

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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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