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

Fortis (TSE:FTS) had its price objective increased by UBS Group from C$58.00 to C$63.00 in a research report issued on Friday,BayStreet.CA reports. UBS Group’s price target points to a potential downside of 2.61% from the company’s current price.

Several other research analysts also recently weighed in on the stock. CIBC upped their target price on shares of Fortis from C$64.00 to C$65.00 in a report on Tuesday, February 18th. Jefferies Financial Group set a C$67.00 price objective on Fortis and gave the company a “hold” rating in a research report on Thursday, February 13th. Scotiabank boosted their target price on Fortis from C$63.00 to C$66.00 and gave the company a “sector perform” rating in a research report on Thursday, February 13th. Royal Bank of Canada raised their price target on Fortis from C$65.00 to C$69.00 in a research report on Tuesday, February 18th. Finally, Raymond James boosted their price objective on shares of Fortis from C$61.00 to C$62.50 in a research report on Tuesday, February 18th. Two investment analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to data from MarketBeat, Fortis has an average rating of “Hold” and an average target price of C$62.50.

Fortis Stock Performance

Shares of FTS traded down C$0.06 on Friday, reaching C$64.69. The company’s stock had a trading volume of 1,074,662 shares, compared to its average volume of 1,784,171. The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36. The stock’s 50 day simple moving average is C$62.39 and its two-hundred day simple moving average is C$61.42. The stock has a market capitalization of C$32.00 billion, a P/E ratio of 19.20, a PEG ratio of 3.01 and a beta of 0.23. Fortis has a 12-month low of C$51.02 and a 12-month high of C$65.26.

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.