Fortis (TSE:FTS) Price Target Raised to C$76.00

Fortis (TSE:FTS) had its price objective boosted by equities researchers at CIBC from C$75.00 to C$76.00 in a research report issued to clients and investors on Wednesday,BayStreet.CA reports. CIBC’s target price would indicate a potential upside of 6.95% from the stock’s current price.

A number of other analysts have also weighed in on the stock. Jefferies Financial Group upped their target price on shares of Fortis from C$70.00 to C$72.00 in a research note on Monday, September 15th. Desjardins increased their price objective on shares of Fortis from C$76.00 to C$79.00 and gave the company a “buy” rating in a research report on Wednesday, October 22nd. Royal Bank Of Canada raised their price objective on shares of Fortis from C$72.00 to C$79.00 in a report on Wednesday, November 5th. Scotiabank boosted their target price on shares of Fortis from C$74.00 to C$79.00 in a research note on Tuesday. Finally, Raymond James Financial raised their price target on Fortis from C$72.00 to C$75.50 and gave the company an “outperform” rating in a research note on Friday, October 24th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of C$74.85.

Fortis Stock Up 0.7%

Shares of TSE FTS traded up C$0.51 during mid-day trading on Wednesday, hitting C$71.06. The company had a trading volume of 257,501 shares, compared to its average volume of 1,607,041. The company has a market capitalization of C$35.91 billion, a PE ratio of 21.15, a price-to-earnings-growth ratio of 3.01 and a beta of 0.30. The business’s 50-day simple moving average is C$71.74 and its 200 day simple moving average is C$68.82. Fortis has a 1-year low of C$57.98 and a 1-year high of C$74.00. The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36.

Fortis (TSE:FTS) last issued its quarterly earnings results on Tuesday, November 4th. The company reported C$0.87 earnings per share for the quarter. The company had revenue of C$2.94 billion for the quarter. Fortis had a return on equity of 7.48% and a net margin of 14.53%. On average, analysts predict that Fortis will post 3.3419913 earnings per share for the current year.

Fortis Company Profile

Fortis owns and operates 10 utility transmission and distribution assets in Canada and the United States, serving more than 3.4 million electricity and gas customers. The company has smaller stakes in electricity generation and several Caribbean utilities. ITC operates electric transmission in seven U.S.