JP Morgan slashes price target on Fortis Inc. [FTS] – find out why.

Fortis Inc. [NYSE: FTS] stock went on an upward path that rose over 0.72% on Thursday, amounting to a one-week price increase of more than 0.49%. The company report on February 9, 2024 at 7:56 AM that Fortis Inc. Files 2023 Year-End Disclosure Documents.

This news release constitutes a “Designated News Release” incorporated by reference in the prospectus supplement dated September 19, 2023 to Fortis’ short form base shelf prospectus dated November 21, 2022.

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Over the last 12 months, FTS stock dropped by -5.23%. The one-year Fortis Inc. stock forecast points to a potential upside of 6.43. The average equity rating for FTS stock is currently 3.12, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $19.12 billion, with 490.60 million shares outstanding and 487.94 million shares in the current float. Compared to the average trading volume of 738.92K shares, FTS stock reached a trading volume of 4463315 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on Fortis Inc. [FTS]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for FTS shares is $41.82 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on FTS stock is a recommendation set at 3.12. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

JP Morgan have made an estimate for Fortis Inc. shares, keeping their opinion on the stock as Underweight, with their previous recommendation back on December 12, 2023.

The Average True Range (ATR) for Fortis Inc. is set at 0.68, with the Price to Sales ratio for FTS stock in the period of the last 12 months amounting to 2.24. The Price to Book ratio for the last quarter was 1.27, with the Price to Cash per share for the same quarter was set at 0.97.

FTS Stock Performance Analysis:

Fortis Inc. [FTS] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 0.49. With this latest performance, FTS shares dropped by -3.05% in over the last four-week period, additionally sinking by -1.71% over the last 6 months – not to mention a drop of -5.23% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for FTS stock in for the last two-week period is set at 42.93, with the RSI for the last a single of trading hit 43.67, and the three-weeks RSI is set at 43.54 for Fortis Inc. [FTS]. The present Moving Average for the last 50 days of trading for this stock 40.42, while it was recorded at 38.99 for the last single week of trading, and 41.10 for the last 200 days.

Insight into Fortis Inc. Fundamentals:

Fortis Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.58 and a Current Ratio set at 0.67.


With the latest financial reports released by the company, Fortis Inc. posted 0.69/share EPS, while the average EPS was predicted by analysts to be reported at 0.61/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 13.10%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for FTS. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Fortis Inc. go to 4.15%.

Fortis Inc. [FTS] Institutonal Ownership Details

The top three institutional holders of FTS stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in FTS stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in FTS stock with ownership which is approximately 5.8325%.