Fortis (NYSE:FTS) Price Target Cut to $60.00 by Analysts at Barclays

Key Points

• Barclays lowered Fortis’s price target from $61 to $60 while maintaining an “overweight” rating, implying approximately 5.39% upside from the prior close.
• Analyst sentiment is mixed, with five buy ratings and six hold ratings; MarketBeat’s consensus rating is “Hold” with an average $60 price target.
• Fortis reported quarterly EPS of $0.56, narrowly exceeding the $0.55 consensus estimate, while revenue of $1.67 billion fell short of the $1.83 billion forecast.

Fortis (NYSE:FTS - Get Free Report) had its price objective dropped by equities researchers at Barclays from $61.00 to $60.00 in a report issued on Monday, Marketbeat Ratings reports. The firm presently has an "overweight" rating on the utilities provider's stock. Barclays's price target suggests a potential upside of 5.39% from the company's previous close.

FTS has been the subject of several other research reports. Weiss Ratings reissued a "buy (b)" rating on shares of Fortis in a research note on Friday, July 17th. BMO Capital Markets reiterated a "market perform" rating on shares of Fortis in a report on Thursday, May 7th. Canadian Imperial Bank of Commerce cut Fortis from an "outperform" rating to a "hold" rating in a research note on Friday, July 17th. TD Securities reissued a "buy" rating on shares of Fortis in a report on Thursday, May 7th. Finally, Wall Street Zen downgraded Fortis from a "hold" rating to a "sell" rating in a research report on Saturday, May 23rd. Five research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $60.00.

Fortis Stock Down 0.1%

FTS stock opened at $56.93 on Monday. The stock has a market capitalization of $29.08 billion, a P/E ratio of 23.05 and a beta of 0.43. The company has a current ratio of 0.49, a quick ratio of 0.41 and a debt-to-equity ratio of 1.25. Fortis has a 12 month low of $48.64 and a 12 month high of $59.40. The firm has a 50-day moving average price of $57.01 and a 200-day moving average price of $56.22.

Fortis (NYSE:FTS - Get Free Report) last posted its quarterly earnings results on Friday, July 31st. The utilities provider reported $0.56 earnings per share for the quarter, beating analysts' consensus estimates of $0.55 by $0.01. The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.83 billion. Fortis had a net margin of 14.17% and a return on equity of 7.25%. During the same period last year, the company posted $0.76 EPS. As a group, equities research analysts anticipate that Fortis will post 2.58 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of FTS. Scarborough Advisors LLC bought a new stake in shares of Fortis in the 1st quarter valued at about $29,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Fortis during the fourth quarter worth about $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its stake in shares of Fortis by 157.4% in the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider's stock worth $36,000 after acquiring an additional 428 shares during the period. Larson Financial Group LLC lifted its stake in shares of Fortis by 123.9% in the third quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider's stock worth $37,000 after acquiring an additional 409 shares during the period. Finally, LOM Asset Management Ltd bought a new stake in Fortis in the fourth quarter valued at approximately $43,000. 57.77% of the stock is owned by institutional investors.

Fortis Company Profile

Fortis Inc is a Canadian diversified electric and gas utility holding company headquartered in St. John's, Newfoundland and Labrador. Through a portfolio of regulated utility subsidiaries, the company develops, owns and operates electricity and natural gas transmission, distribution and generation assets. Fortis serves customers across multiple jurisdictions in Canada, the United States and the Caribbean, focusing on the delivery of safe, reliable energy to residential, commercial and industrial users.

The company's core activities include operation and maintenance of transmission and distribution networks, ownership of generation facilities, and investment in grid modernization and system resilience.

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