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FTS

Fortis

$36.72

0.1 (0.27%)

13:30
09/15/17
09/15
13:30
09/15/17
13:30

Fortis provides update on recovery efforts from Hurricane Irma

Fortis provided an update today on the status of its response efforts in the Turks and Caicos Islands following the aftermath of Hurricane Irma which hit the Islands last week. FortisTCI provides electrical service to most of the country. The corporation's emergency response team was among the first to land in Providenciales on Sunday, September 10 departing Canada within 48 hours of the "All-Clear" being given by the government of Turks and Caicos. Since arriving, teams have been assigned to several regions of Turks and Caicos including North and South Caicos, Grand Turk, and Providenciales to assist FortisTCI with restoration of power. Initial efforts were focused on energizing critical infrastructure such as water treatment plants, hospitals, airports and emergency response organizations, as well as ensuring the safety of roadways and thoroughfares. Assessments conducted during the past week indicate that well over 1200 poles are destroyed. As a result, significant effort will be required to restore power. Fortis will maintain a team of approximately 60 additional employees on the ground until power is restored to all customers that can receive it. Arrangements are being made to deliver additional line trucks, poles, wire and other equipment to the country. The extra utility vehicles are being shipped via barge and should begin to arrive in the next few days. As well, approximately another 60 power line contract personnel will be on the ground soon, and will complement the Fortis team to more quickly complete restoration throughout the Islands. This will bring total additional personnel to approximately 120.

FTS Fortis
$36.72

0.1 (0.27%)

08/03/17
CIBC
08/03/17
DOWNGRADE
CIBC
Neutral
Fortis downgraded to Neutral from Outperformer at CIBC
CIBC analyst Robert Catellier downgraded Fortis to Neutral citing valuation.
06/29/17
06/29/17
NO CHANGE

Wells Fargo remains upbeat on Fortis after checks with ITC Holdings
After meeting with ITC's (ITC) CEO, Wells Fargo reports that ITC thinks that the rate base growth of its base business "should be strong for the foreseeable future," Additionally, ITC expects strong transmission investment in the Midwest over the longer term in order to cope with the growth of renewable, and says that integration with Fortis "has been seamless, Wells reported. The firm continues to expect ITC to push Fortis' EPS growth higher "well into the 2020s," and it keeps an Outperform rating on Fortis.
03/28/17
03/28/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Snap (SNAP) was initiated with a Buy at Deutsche Bank and a Hold at Loop Capital. 2. Scorpio Bulkers (SALT) initiated with an Equal Weight at Morgan Stanley. 3. Nationstar (NSM) initiated with an Outperform at Wedbush. 4. Fairmount Santrol (FMSA) initiated with a Buy at Guggenheim. 5. Fortis (FTS) initiated with an Overweight at Barclays. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
03/28/17
LEHM
03/28/17
INITIATION
Target $37
LEHM
Overweight
Fortis initiated with an Overweight at Barclays
Barclays analyst Ross Fowler initiated Fortis with an Overweight rating and $37 price target.

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