National Bank Financial Issues Positive Forecast for Fortis (TSE:FTS) Stock Price

Fortis (TSE:FTS) had its price target hoisted by National Bank Financial from C$75.00 to C$82.00 in a note issued to investors on Monday,BayStreet.CA reports. The firm currently has a “sector perform” rating on the stock. National Bank Financial’s price objective would suggest a potential upside of 8.87% from the stock’s current price.

Several other equities analysts also recently commented on the stock. Barclays lowered their target price on shares of Fortis from C$84.00 to C$83.00 and set an “overweight” rating on the stock in a report on Friday, May 8th. Scotiabank boosted their target price on shares of Fortis from C$79.00 to C$80.00 and gave the stock a “sector perform” rating in a report on Friday, February 13th. BMO Capital Markets boosted their target price on shares of Fortis from C$74.00 to C$77.00 and gave the stock a “market perform” rating in a report on Friday, February 13th. Raymond James Financial boosted their target price on shares of Fortis from C$78.50 to C$80.50 and gave the stock an “outperform” rating in a report on Tuesday, April 28th. Finally, Desjardins boosted their target price on shares of Fortis from C$79.00 to C$81.00 and gave the stock a “buy” rating in a report on Friday, February 13th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of C$79.32.

Fortis Price Performance

TSE:FTS traded down C$0.94 during trading hours on Monday, hitting C$75.32. 468,239 shares of the stock traded hands, compared to its average volume of 1,717,773. Fortis has a 1 year low of C$63.54 and a 1 year high of C$80.69. The stock has a 50 day moving average price of C$77.45 and a 200 day moving average price of C$74.99. The company has a quick ratio of 0.36, a current ratio of 0.49 and a debt-to-equity ratio of 145.23. The company has a market cap of C$38.35 billion, a price-to-earnings ratio of 22.22, a price-to-earnings-growth ratio of 3.01 and a beta of 0.47.

Fortis (TSE:FTS) last released its earnings results on Wednesday, May 6th. The company reported C$0.99 EPS for the quarter. Fortis had a net margin of 14.75% and a return on equity of 7.51%. The firm had revenue of C$3.40 billion for the quarter. Sell-side analysts forecast that Fortis will post 3.3419913 EPS for the current fiscal year.

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. states, with more than 16,000 miles of high-voltage transmission lines in operation serving a peak load in excess of 23 gigawatts.