CIBC Forecasts Strong Price Appreciation for Fortis (TSE:FTS) Stock

Fortis (TSE:FTS) had its price objective hoisted by stock analysts at CIBC from C$63.00 to C$64.00 in a research report issued to clients and investors on Wednesday,BayStreet.CA reports. The firm presently has a “neutral” rating on the stock. CIBC’s target price suggests a potential upside of 6.93% from the company’s current price.

Several other equities analysts also recently commented on the company. Raymond James downgraded Fortis from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th. UBS Group upgraded shares of Fortis to a “strong sell” rating in a report on Tuesday, September 10th. Bank of America set a C$60.00 target price on shares of Fortis and gave the stock an “underperform” rating in a report on Friday, September 20th. Finally, Royal Bank of Canada raised their price target on shares of Fortis from C$62.00 to C$65.00 and gave the company a “sector perform” rating in a research note on Thursday, October 3rd. Three equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of C$60.89.

Fortis Price Performance

Shares of TSE FTS traded down C$0.18 during midday trading on Wednesday, reaching C$59.85. 289,444 shares of the company were exchanged, compared to its average volume of 676,476. Fortis has a one year low of C$51.02 and a one year high of C$63.75. The stock has a market cap of C$29.64 billion, a P/E ratio of 18.76, a PEG ratio of 3.01 and a beta of 0.23. The company has a quick ratio of 0.36, a current ratio of 0.69 and a debt-to-equity ratio of 128.59. The stock’s 50-day moving average price is C$61.09 and its 200-day moving average price is C$59.12.

Insider Activity

In other news, Senior Officer Keri Linda Glitch purchased 450 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were acquired at an average cost of C$61.41 per share, with a total value of C$27,634.59. Following the purchase, the insider now owns 450 shares in the company, valued at C$27,634.59. This represents a ∞ increase in their ownership of the stock. Also, Director Gary Joseph Smith sold 21,716 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of C$61.45, for a total value of C$1,334,543.75. 0.04% of the stock is owned by company insiders.

Fortis Company Profile

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona’s Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.