Fortis (TSE:FTS) Price Target Raised to C$75.00

Fortis (TSE:FTS) had its price objective lifted by research analysts at CIBC from C$74.00 to C$75.00 in a report issued on Wednesday,BayStreet.CA reports. CIBC’s price target would suggest a potential upside of 4.95% from the stock’s current price.

A number of other equities analysts also recently issued reports on the stock. Scotiabank increased their price target on shares of Fortis from C$70.00 to C$73.00 and gave the company a “sector perform” rating in a report on Monday, October 6th. TD Securities raised their target price on shares of Fortis from C$74.00 to C$77.00 and gave the stock a “buy” rating in a research report on Tuesday, August 5th. Royal Bank Of Canada lifted their price target on shares of Fortis from C$72.00 to C$79.00 in a research report on Wednesday. National Bankshares lifted their price target on shares of Fortis from C$65.00 to C$67.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 5th. Finally, Raymond James Financial lifted their price target on shares of 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 analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of C$73.65.

Fortis Stock Up 0.3%

Shares of Fortis stock traded up C$0.22 during trading hours on Wednesday, hitting C$71.46. The company had a trading volume of 472,628 shares, compared to its average volume of 1,550,804. The company’s 50-day moving average is C$69.77 and its two-hundred day moving average is C$67.73. Fortis has a twelve month low of C$57.98 and a twelve month high of C$73.43. 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 company has a market cap of C$35.99 billion, a P/E ratio of 21.02, a price-to-earnings-growth ratio of 3.01 and a beta of 0.29.

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.