In a report released yesterday, Robert Kwan from RBC Capital maintained a Buy rating on Fortis (FTS – Research Report), with a price target of C$60.00. The company’s shares closed last Tuesday at $39.18.
Kwan has an average return of 9.3% when recommending Fortis.
According to TipRanks.com, Kwan is ranked #222 out of 6281 analysts.
Fortis has an analyst consensus of Strong Buy, with a price target consensus of $40.13, representing a 0.5% upside. In a report issued on March 30, BMO Capital also upgraded the stock to Buy with a C$55.00 price target.
Based on Fortis’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $2.33 billion and net profit of $363 million. In comparison, last year the company earned revenue of $2.21 billion and had a net profit of $278 million.
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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.