Fortis (TSE:FTS) Stock Price Expected to Rise, Desjardins Analyst Says

Fortis (TSE:FTS) had its target price raised by research analysts at Desjardins from C$81.00 to C$85.00 in a report issued on Monday,BayStreet.CA reports. The firm currently has a “buy” rating on the stock. Desjardins’ price target indicates a potential upside of 3.84% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on the company. Raymond James Financial boosted their price target on Fortis from C$78.50 to C$80.50 and gave the company an “outperform” rating in a research report on Tuesday, April 28th. Canadian Imperial Bank of Commerce lowered shares of Fortis from a “strong-buy” rating to a “hold” rating in a report on Friday. TD raised their target price on shares of Fortis from C$83.00 to C$84.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. National Bank Financial increased their target price on Fortis from C$75.00 to C$82.00 and gave the company a “sector perform” rating in a research note on Monday, June 1st. Finally, Barclays dropped their target price on Fortis from C$84.00 to C$83.00 and set an “overweight” rating on the stock in a report on Friday, May 8th. Five investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of C$79.68.

Fortis Trading Down 0.7%

Fortis stock traded down C$0.56 during trading on Monday, reaching C$81.86. The company had a trading volume of 505,520 shares, compared to its average volume of 1,622,859. Fortis has a 12-month low of C$65.27 and a 12-month high of C$82.87. The stock’s 50 day moving average price is C$79.15 and its two-hundred day moving average price is C$77.06. The firm has a market capitalization of C$41.68 billion, a price-to-earnings ratio of 24.15, a PEG ratio of 3.01 and a beta of 0.41. The company has a debt-to-equity ratio of 145.23, a quick ratio of 0.36 and a current ratio of 0.49.

Fortis (TSE:FTS) last announced its quarterly earnings results on Wednesday, May 6th. The company reported C$0.99 earnings per share for the quarter. The company had revenue of C$3.40 billion for the quarter. Fortis had a net margin of 14.75% and a return on equity of 7.51%. As a group, equities analysts expect that Fortis will post 3.3419913 earnings per share for the current fiscal year.

Insider Activity

In other news, insider James Reid sold 24,700 shares of Fortis stock in a transaction dated Monday, June 15th. The shares were sold at an average price of C$79.21, for a total value of C$1,956,487.00. Following the completion of the transaction, the insider directly owned 31,283 shares of the company’s stock, valued at approximately C$2,477,926.43. The trade was a 44.12% decrease in their position. In the last 90 days, insiders have bought 572 shares of company stock valued at $45,909. Company insiders own 0.04% of the company’s stock.

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.