Fortis (NYSE:FTS) Given New $64.00 Price Target at Wells Fargo & Co

Fortis (NYSE:FTS) had its target price lifted by stock analysts at Wells Fargo & Co from $59.00 to $64.00 in a research report issued on Friday, BenzingaRatingsTable reports. The brokerage presently has an “overweight” rating on the utilities provider’s stock. Wells Fargo & Co‘s price objective would suggest a potential upside of 44.86% from the company’s previous close.

Several other analysts also recently issued reports on the stock. Zacks Investment Research raised shares of Fortis from a “sell” rating to a “hold” rating in a research report on Tuesday, February 4th. BMO Capital Markets began coverage on Fortis in a research note on Tuesday, December 3rd. They set a “market perform” rating for the company. CIBC cut Fortis from a “sector outperform” rating to a “neutral” rating in a research note on Wednesday, January 29th. Howard Weil upgraded Fortis from a “sector perform” rating to a “sector outperform” rating in a research note on Wednesday, December 4th. Finally, Bank of America cut Fortis from a “buy” rating to a “neutral” rating in a research note on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $56.00.

NYSE:FTS traded up $0.16 during trading hours on Friday, hitting $44.18. The stock had a trading volume of 17,671 shares, compared to its average volume of 326,273. The company has a current ratio of 0.56, a quick ratio of 0.46 and a debt-to-equity ratio of 1.32. Fortis has a 1-year low of $34.96 and a 1-year high of $44.49. The business has a 50 day simple moving average of $42.76 and a two-hundred day simple moving average of $41.45. The company has a market cap of $20.09 billion, a PE ratio of 21.86, a price-to-earnings-growth ratio of 3.96 and a beta of 0.11.

Fortis (NYSE:FTS) last issued its quarterly earnings data on Thursday, February 13th. The utilities provider reported $0.62 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.16. Fortis had a net margin of 12.72% and a return on equity of 6.75%. The company had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter last year, the company earned $0.56 earnings per share. Research analysts expect that Fortis will post 1.94 EPS for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the stock. TD Asset Management Inc. increased its position in Fortis by 31.4% in the fourth quarter. TD Asset Management Inc. now owns 11,985,784 shares of the utilities provider’s stock worth $498,009,000 after buying an additional 2,863,309 shares during the period. Toronto Dominion Bank grew its holdings in shares of Fortis by 3.7% during the 4th quarter. Toronto Dominion Bank now owns 9,090,068 shares of the utilities provider’s stock worth $377,379,000 after purchasing an additional 320,524 shares in the last quarter. CIBC World Markets Inc. grew its holdings in shares of Fortis by 2.0% during the 4th quarter. CIBC World Markets Inc. now owns 8,657,785 shares of the utilities provider’s stock worth $359,471,000 after purchasing an additional 173,531 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Fortis by 12.1% during the 4th quarter. Renaissance Technologies LLC now owns 4,332,905 shares of the utilities provider’s stock worth $179,902,000 after purchasing an additional 466,005 shares in the last quarter. Finally, Duff & Phelps Investment Management Co. grew its holdings in shares of Fortis by 5.5% during the 4th quarter. Duff & Phelps Investment Management Co. now owns 1,805,990 shares of the utilities provider’s stock worth $75,039,000 after purchasing an additional 93,788 shares in the last quarter. Hedge funds and other institutional investors own 49.34% 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. 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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