Royal Bank Of Canada Forecasts Strong Price Appreciation for Fortis (TSE:FTS) Stock

Fortis (TSE:FTS) had its price objective increased by analysts at Royal Bank Of Canada from C$72.00 to C$79.00 in a research report issued to clients and investors on Wednesday,BayStreet.CA reports. Royal Bank Of Canada’s target price indicates a potential upside of 10.55% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. Cibc World Mkts upgraded Fortis from a “hold” rating to a “strong-buy” rating in a report on Monday, July 21st. TD Securities upped their price objective on Fortis from C$74.00 to C$77.00 and gave the stock a “buy” rating in a research note on Tuesday, August 5th. CIBC upped their price objective on Fortis from C$72.00 to C$74.00 in a research note on Tuesday, October 21st. Scotiabank upped their price objective on Fortis from C$70.00 to C$73.00 and gave the stock a “sector perform” rating in a research note on Monday, October 6th. Finally, Desjardins raised their price target on Fortis from C$76.00 to C$79.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of C$73.65.

Fortis Stock Performance

Shares of TSE FTS traded up C$0.22 during trading on Wednesday, reaching C$71.46. The stock had a trading volume of 472,628 shares, compared to its average volume of 1,550,804. Fortis has a one year low of C$57.98 and a one year high of C$73.43. 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 cap of C$35.99 billion, a PE ratio of 21.02, a P/E/G ratio of 3.01 and a beta of 0.29. The firm’s 50 day moving average price is C$69.77 and its two-hundred day moving average price is C$67.73.

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.