Scotiabank Issues Positive Forecast for Fortis (TSE:FTS) Stock Price

Fortis (TSE:FTS) had its price objective lifted by stock analysts at Scotiabank from C$74.00 to C$79.00 in a note issued to investors on Tuesday,BayStreet.CA reports. Scotiabank’s target price suggests a potential upside of 11.68% from the stock’s current price.

FTS has been the subject of a number of other research reports. BMO Capital Markets lifted their target price on shares of Fortis from C$72.00 to C$74.00 in a research note on Wednesday, November 5th. Jefferies Financial Group increased their price objective on Fortis from C$70.00 to C$72.00 in a report on Monday, September 15th. CIBC boosted their target price on Fortis from C$74.00 to C$75.00 in a research note on Wednesday, November 5th. Desjardins upped their target price on Fortis from C$76.00 to C$79.00 and gave the stock a “buy” rating in a research report on Wednesday, October 22nd. Finally, Raymond James Financial raised their price target on Fortis from C$72.00 to C$75.50 and gave the stock 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 assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of C$74.25.

Fortis Stock Down 0.4%

TSE:FTS traded down C$0.31 on Tuesday, hitting C$70.74. 359,091 shares of the company’s stock traded hands, compared to its average volume of 1,608,351. The company has a market cap of C$35.75 billion, a PE ratio of 21.05, a price-to-earnings-growth ratio of 3.01 and a beta of 0.30. Fortis has a 1 year low of C$57.98 and a 1 year high of C$74.00. The company has a current ratio of 0.74, a quick ratio of 0.36 and a debt-to-equity ratio of 142.31. The firm has a 50-day moving average price of C$71.73 and a 200-day moving average price of C$68.79.

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