Fortis (FTS) Receives a Buy from Raymond James

In a report released today, David Quezada from Raymond James maintained a Buy rating on Fortis (FTSResearch Report), with a price target of C$58.00. The company’s shares closed last Thursday at $37.88.

According to TipRanks.com, Quezada is a 5-star analyst with an average return of 8.7% and a 71.4% success rate. Quezada covers the Utilities sector, focusing on stocks such as Algonquin Power & Utilities, Northland Power, and AltaGas.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Fortis with a $42.35 average price target, implying a 9.4% upside from current levels. In a report issued on April 23, CIBC also maintained a Buy rating on the stock with a C$57.00 price target.

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The company has a one-year high of $44.73 and a one-year low of $28.60. Currently, Fortis has an average volume of 684.6K.

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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.