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Analysts Offer Insights on Utilities Companies: Fortis (FTS), Callon (CPE) and Ovintiv (OVV)

Analysts fell to the sidelines weighing in on Fortis (FTSResearch Report), Callon (CPEResearch Report) and Ovintiv (OVVResearch Report) with neutral ratings, indicating that the experts are neither bullish nor bearish on the stocks.

Fortis (FTS)

RBC Capital analyst Maurice Choy maintained a Hold rating on Fortis on July 30 and set a price target of C$59.00. The company’s shares closed last Friday at $45.34.

According to TipRanks.com, Choy is a 4-star analyst with an average return of 23.9% and a 85.2% success rate. Choy covers the Utilities sector, focusing on stocks such as TransAlta, ATCO Ltd., and Emera.

Currently, the analyst consensus on Fortis is a Hold with an average price target of $46.33, implying a 2.0% upside from current levels. In a report issued on July 18, J.P. Morgan also maintained a Hold rating on the stock with a C$58.00 price target.

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Callon (CPE)

In a report issued on July 28, Scott Hanold from RBC Capital maintained a Hold rating on Callon, with a price target of $54.00. The company’s shares closed last Friday at $39.36.

According to TipRanks.com, Hanold is a 3-star analyst with an average return of 4.1% and a 42.4% success rate. Hanold covers the Utilities sector, focusing on stocks such as Centennial Resource Development, Whiting Petroleum Corporation, and California Resources Corp.

Callon has an analyst consensus of Hold, with a price target consensus of $52.43, implying a 31.6% upside from current levels. In a report issued on July 19, Citigroup also maintained a Hold rating on the stock with a $45.00 price target.

Ovintiv (OVV)

RBC Capital analyst Gregory Pardy maintained a Hold rating on Ovintiv on July 28 and set a price target of $36.00. The company’s shares closed last Friday at $25.66.

According to TipRanks.com, Pardy is a 4-star analyst with an average return of 8.8% and a 49.6% success rate. Pardy covers the Utilities sector, focusing on stocks such as Canadian Natural, Vermilion Energy, and Cenovus Energy.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Ovintiv with a $40.12 average price target, which is a 55.0% upside from current levels. In a report issued on July 20, Raymond James also initiated coverage with a Hold rating on the stock with a $35.00 price target.

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