Fortis (TSE:FTS) Price Target Raised to C$80.00

Fortis (TSE:FTS) had its target price boosted by Scotiabank from C$79.00 to C$80.00 in a research note issued on Friday,BayStreet.CA reports. The brokerage presently has a “sector perform” rating on the stock. Scotiabank’s price target points to a potential upside of 3.95% from the company’s current price.

Several other analysts have also recently commented on the stock. BMO Capital Markets lifted their price objective on shares of Fortis from C$72.00 to C$74.00 in a research note on Wednesday, November 5th. Canadian Imperial Bank of Commerce raised their target price on shares of Fortis from C$75.00 to C$76.00 in a report on Wednesday, December 17th. TD Securities increased their price target on Fortis from C$77.00 to C$79.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Jefferies Financial Group reduced their price objective on Fortis from C$72.00 to C$70.00 in a research note on Wednesday, January 28th. Finally, Royal Bank Of Canada upped their target price on Fortis from C$72.00 to C$79.00 in a research note on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of C$75.65.

Fortis Stock Performance

Shares of FTS traded up C$0.64 during trading hours on Friday, reaching C$76.96. 1,414,951 shares of the company traded hands, compared to its average volume of 1,781,197. 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 business has a fifty day moving average price of C$71.75 and a 200-day moving average price of C$70.82. Fortis has a 12-month low of C$60.94 and a 12-month high of C$77.59. The stock has a market capitalization of C$38.90 billion, a P/E ratio of 22.90, a P/E/G ratio of 3.01 and a beta of 0.35.

Fortis (TSE:FTS) last issued its quarterly earnings results on Thursday, February 12th. The company reported C$0.90 EPS for the quarter. The company had revenue of C$3.08 billion during the quarter. Fortis had a return on equity of 7.48% and a net margin of 14.53%. Equities analysts anticipate that Fortis will post 3.3419913 EPS for the current fiscal 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. states, with more than 16,000 miles of high-voltage transmission lines in operation serving a peak load in excess of 23 gigawatts.