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

Fortis (TSE:FTS) had its price target lifted by equities researchers at Desjardins from C$79.00 to C$81.00 in a research note issued on Friday,BayStreet.CA reports. The firm currently has a “buy” rating on the stock. Desjardins’ price target points to a potential upside of 5.25% from the company’s current price.

A number of other brokerages have also issued reports on FTS. National Bank Financial boosted their target price on shares of Fortis from C$68.00 to C$72.00 and gave the stock a “sector perform” rating in a research report on Wednesday, December 17th. Raymond James Financial boosted their price objective on shares of Fortis from C$75.50 to C$78.50 and gave the company an “outperform” rating in a research report on Friday. Scotiabank lifted their price target on shares of Fortis from C$79.00 to C$80.00 and gave the company a “sector perform” rating in a research note on Friday. Royal Bank Of Canada upped their target price on Fortis from C$79.00 to C$80.00 and gave the stock a “sector perform” rating in a report on Friday. Finally, Canadian Imperial Bank of Commerce boosted their price objective on shares of Fortis from C$75.00 to C$76.00 in a research note on Wednesday, December 17th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of C$75.65.

Fortis Trading Up 0.8%

Fortis stock traded up C$0.64 during trading on Friday, hitting C$76.96. The company’s stock had a trading volume of 1,414,951 shares, compared to its average volume of 1,781,197. The stock’s fifty day moving average is C$71.75 and its 200 day moving average is C$70.82. Fortis has a 1-year low of C$60.94 and a 1-year high of C$77.59. The company has a debt-to-equity ratio of 142.31, a quick ratio of 0.36 and a current ratio of 0.74. The stock has a market capitalization of C$38.90 billion, a price-to-earnings ratio of 22.90, a P/E/G ratio of 3.01 and a beta of 0.35.

Fortis (TSE:FTS) last announced its quarterly earnings data on Thursday, February 12th. The company reported C$0.90 earnings per share (EPS) for the quarter. Fortis had a return on equity of 7.48% and a net margin of 14.53%.The firm had revenue of C$3.08 billion for the quarter. As a group, equities research analysts predict that Fortis will post 3.3419913 EPS 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. states, with more than 16,000 miles of high-voltage transmission lines in operation serving a peak load in excess of 23 gigawatts.