Fortis (TSE:FTS) Stock Price Expected to Rise, CIBC Analyst Says

Fortis (TSE:FTS) had its price target increased by CIBC from C$75.00 to C$76.00 in a research report issued on Wednesday,BayStreet.CA reports. CIBC’s target price suggests a potential upside of 6.95% from the stock’s current price.

Several other equities analysts have also weighed in on FTS. Scotiabank boosted their target price on shares of Fortis from C$74.00 to C$79.00 in a report on Tuesday. Royal Bank Of Canada increased their price objective on Fortis from C$72.00 to C$79.00 in a research report on Wednesday, November 5th. BMO Capital Markets raised their target price on Fortis from C$72.00 to C$74.00 in a research note on Wednesday, November 5th. Desjardins upped their price target on Fortis from C$76.00 to C$79.00 and gave the company a “buy” rating in a research note on Wednesday, October 22nd. Finally, Jefferies Financial Group raised their price objective on Fortis from C$70.00 to C$72.00 in a research report on Monday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of C$74.85.

Fortis Trading Up 0.7%

TSE:FTS traded up C$0.51 during trading hours on Wednesday, hitting C$71.06. The company had a trading volume of 257,501 shares, compared to its average volume of 1,607,041. Fortis has a 1 year low of C$57.98 and a 1 year high of C$74.00. The company has a market cap of C$35.91 billion, a P/E ratio of 21.15, a P/E/G ratio of 3.01 and a beta of 0.30. The company has a 50-day moving average of C$71.74 and a 200 day moving average of C$68.82. The company has a current ratio of 0.74, a quick ratio of 0.36 and a debt-to-equity ratio of 142.31.

Fortis (TSE:FTS) last announced its quarterly 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 firm had revenue of C$2.94 billion for the quarter. Sell-side analysts expect that Fortis will post 3.3419913 earnings per share for the current 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.