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

Fortis (TSE:FTS) had its price target hoisted by equities researchers at Desjardins from C$79.00 to C$81.00 in a research note issued on Friday,BayStreet.CA reports. The firm presently has a “buy” rating on the stock. Desjardins’ target price suggests a potential upside of 5.25% from the company’s current price.

Other equities analysts have also recently issued reports about the company. Scotiabank raised their target price on Fortis from C$79.00 to C$80.00 and gave the stock a “sector perform” rating in a report on Friday. National Bank Financial increased their price objective on shares of Fortis from C$68.00 to C$72.00 and gave the stock a “sector perform” rating in a research report on Wednesday, December 17th. Canadian Imperial Bank of Commerce lifted their price objective on shares of Fortis from C$75.00 to C$76.00 in a report on Wednesday, December 17th. Jefferies Financial Group dropped their price objective on Fortis from C$72.00 to C$70.00 in a research report on Wednesday, January 28th. Finally, Raymond James Financial boosted their price target on Fortis from C$75.50 to C$78.50 and gave the company an “outperform” rating in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Fortis currently has an average rating of “Moderate Buy” and an average target price of C$75.65.

Fortis Trading Up 0.8%

Shares of TSE:FTS traded up C$0.64 on Friday, hitting C$76.96. The company had a trading volume of 1,414,951 shares, compared to its average volume of 1,781,197. The firm’s 50-day simple moving average is C$71.75 and its two-hundred day simple moving average is C$70.82. The company has a quick ratio of 0.36, a current ratio of 0.74 and a debt-to-equity ratio of 142.31. The firm has a market capitalization of C$38.90 billion, a price-to-earnings ratio of 22.90, a P/E/G ratio of 3.01 and a beta of 0.35. Fortis has a 1 year low of C$60.94 and a 1 year high of C$77.59.

Fortis (TSE:FTS) last issued its earnings results on Thursday, February 12th. The company reported C$0.90 earnings per share (EPS) for the quarter. The business had revenue of C$3.08 billion during the quarter. Fortis had a net margin of 14.53% and a return on equity of 7.48%. Equities analysts anticipate that Fortis will post 3.3419913 earnings per share for the current fiscal year.

About Fortis

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. states, with more than 16,000 miles of high-voltage transmission lines in operation serving a peak load in excess of 23 gigawatts.