RBC Capital analyst Robert Kwan maintained a Buy rating on Fortis (FTS) on July 31 and set a price target of C$60.00. The company’s shares closed last Friday at $40.78.
According to TipRanks.com, Kwan is a 5-star analyst with an average return of 10.8% and a 71.0% success rate. Kwan covers the Utilities sector, focusing on stocks such as Brookfield Infrastructure, AltaGas, and Emera.
Fortis has an analyst consensus of Strong Buy, with a price target consensus of $48.90, representing a 20.3% upside. In a report issued on July 28, Scotiabank also maintained a Buy rating on the stock with a C$63.00 price target.
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Based on Fortis’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $2.39 billion and net profit of $328 million. In comparison, last year the company earned revenue of $1.97 billion and had a net profit of $737 million.
Based on the recent corporate insider activity of 73 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of FTS in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Fortis, Inc. is an international electric and gas utility holding company. It operates through the following business segments: Regulated Utilities and Non-Regulated. The Regulated Utilities segment comprises of ITC which contains mainly of the electric transmission operations of the ITC regulated operating subsidiaries; UNS Energy that offers vertically integrated utility services; Central Hudson which provides regulated electric and gas T&D utility services; FortisBC Energy that distributes natural gas in British Columbia; FortisAlberta which involves in the ownership and operation of regulated electricity distribution facilities; FortisBC Electric includes the ownership of hydroelectric generating plants, high voltage transmission lines, and a large network of distribution assets; and Other Electric that contains utilities in the eastern Canada and Caribbean. The Non-Regulated segment consists of energy Infrastructure which is primarily comprised of long-term contracted generation assets in British Columbia and Belize, and a gas storage facility in British Columbia; and Corporate & Other that includes expenses and revenue items not specifically related to business operations. The company was founded in 1885 and is headquartered in St. John’s, Canada.
