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

Fortis (TSE:FTS) had its price target upped by equities researchers at CIBC from C$64.00 to C$65.00 in a research note issued on Tuesday,BayStreet.CA reports. CIBC’s target price suggests a potential upside of 5.28% from the stock’s current price.

A number of other equities analysts have also weighed in on FTS. Royal Bank of Canada increased their target price on shares of Fortis from C$65.00 to C$69.00 in a research report on Tuesday. Jefferies Financial Group set a C$67.00 target price on shares of Fortis and gave the stock a “hold” rating in a research report on Thursday, February 13th. Scotiabank raised their price objective on shares of 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. Finally, Raymond James raised their price objective on shares of Fortis from C$61.00 to C$62.50 in a research report on Tuesday. Two analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of C$62.45.

Fortis Stock Performance

TSE:FTS traded down C$1.29 on Tuesday, reaching C$61.74. 817,304 shares of the company’s stock were exchanged, compared to its average volume of 1,601,330. 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 firm has a market cap of C$30.54 billion, a price-to-earnings ratio of 18.33, a P/E/G ratio of 3.01 and a beta of 0.23. Fortis has a 52 week low of C$51.02 and a 52 week high of C$64.39. The stock has a fifty day simple moving average of C$60.75 and a 200-day simple moving average of C$60.62.

Insiders Place Their Bets

In other news, Senior Officer Jocelyn Perry sold 11,809 shares of the company’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of C$63.19, for a total transaction of C$746,178.83. 0.04% of the stock is owned by insiders.

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.