Fortis Inc (FTS) Sets New 52-Week High at $47.12

Fortis Inc (TSE:FTS)’s share price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as C$47.12 and last traded at C$47.07, with a volume of 222,471 shares trading hands. The stock had previously closed at C$46.85.

A number of research firms have recently issued reports on FTS. Barclays PLC increased their price objective on shares of Fortis from C$37.00 to C$40.00 and gave the company an “overweight” rating in a research note on Friday, July 21st. TD Securities increased their price objective on shares of Fortis from C$48.00 to C$51.00 and gave the company a “buy” rating in a research note on Monday, July 31st. CIBC downgraded shares of Fortis from an “outperform” rating to a “neutral” rating and increased their price objective for the company from C$47.00 to C$48.00 in a research note on Thursday, August 3rd. J P Morgan Chase & Co dropped their price objective on shares of Fortis from C$46.00 to C$45.00 in a research note on Tuesday, September 26th. Finally, National Bank Financial reiterated a “sector perform” rating and set a C$49.00 price objective (up from C$48.00) on shares of Fortis in a research note 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. The company currently has a consensus rating of “Buy” and an average price target of C$48.56.

The firm’s 50 day moving average is $45.39 and its 200 day moving average is $45.12. The stock has a market capitalization of $19.70 billion and a P/E ratio of 20.31.

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

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Fortis Company Profile

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.

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