Fortis (TSE:FTS) Given New C$76.00 Price Target at Barclays

Fortis (TSE:FTS) had its price objective reduced by Barclays from C$82.00 to C$76.00 in a research report issued to clients and investors on Wednesday, BayStreet reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price objective indicates a potential upside of 1.02% from the company’s current price.

Several other brokerages have also recently commented on FTS. Desjardins increased their price target on shares of Fortis from C$81.00 to C$85.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Canadian Imperial Bank of Commerce lowered their price objective on Fortis from C$82.00 to C$78.00 in a report on Tuesday, September 22nd. Five research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of C$79.23.

Fortis Price Performance

FTS stock opened at C$75.23 on Wednesday. The company has a quick ratio of 0.36, a current ratio of 0.56 and a debt-to-equity ratio of 143.60. Fortis has a 52-week low of C$69.06 and a 52-week high of C$83.75. The stock’s 50 day moving average is C$77.51 and its two-hundred day moving average is C$78.24. The company has a market capitalization of C$38.44 billion, a PE ratio of 22.13, a P/E/G ratio of 3.01 and a beta of 0.34.

Fortis (TSE:FTS) last released its earnings results on Friday, July 31st. The company reported C$0.78 EPS for the quarter. Fortis had a return on equity of 7.43% and a net margin of 14.72%.The company had revenue of C$2.93 billion during the quarter. Analysts predict that Fortis will post 3.3419913 earnings per share for the current fiscal year.

Fortis Company Profile

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.