Fortis (TSE:FTS) Price Target Raised to C$79.00

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

Several other analysts have also weighed in on the company. Raymond James Financial lifted their price objective on Fortis from C$72.00 to C$75.50 and gave the stock an “outperform” rating in a report on Friday, October 24th. Royal Bank Of Canada raised their target price on Fortis from C$72.00 to C$79.00 in a research report on Wednesday, November 5th. BMO Capital Markets boosted their price target on shares of Fortis from C$72.00 to C$74.00 in a report on Wednesday, November 5th. Jefferies Financial Group increased their price objective on shares of Fortis from C$70.00 to C$72.00 in a research note on Monday, September 15th. Finally, CIBC raised their price objective on shares of Fortis from C$74.00 to C$75.00 in a report on Wednesday, November 5th. One equities research 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 MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of C$74.25.

Fortis Stock Performance

TSE FTS traded down C$0.31 during midday trading on Tuesday, hitting C$70.74. The company had a trading volume of 359,091 shares, compared to its average volume of 1,608,351. The firm has a fifty day simple moving average of C$71.73 and a two-hundred day simple moving average of C$68.79. Fortis has a fifty-two week low of C$57.98 and a fifty-two week high of C$74.00. 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 stock has a market cap of C$35.75 billion, a price-to-earnings ratio of 21.05, a P/E/G ratio of 3.01 and a beta of 0.30.

Fortis (TSE:FTS) last released its earnings results on Tuesday, November 4th. The company reported C$0.87 earnings per share 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 forecast that Fortis will post 3.3419913 earnings per share 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.