Fortis (TSE:FTS) Price Target Raised to C$77.00 at BMO Capital Markets

Fortis (TSE:FTS) had its price objective upped by equities researchers at BMO Capital Markets from C$74.00 to C$77.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The firm presently has a “market perform” rating on the stock. BMO Capital Markets’ price objective would suggest a potential upside of 0.05% from the company’s current price.

A number of other research analysts have also recently issued reports on the company. Raymond James Financial boosted their target price on Fortis from C$72.00 to C$75.50 and gave the company an “outperform” rating in a research note on Friday, October 24th. Scotiabank increased 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. 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. Jefferies Financial Group dropped their price target on Fortis from C$72.00 to C$70.00 in a report on Wednesday, January 28th. Finally, TD Securities boosted their price objective on shares of Fortis from C$77.00 to C$79.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, Fortis presently has an average rating of “Moderate Buy” and an average price target of C$75.65.

Fortis Trading Up 0.8%

FTS traded up C$0.64 during trading on Friday, reaching C$76.96. 1,414,951 shares of the company’s stock were exchanged, compared to its average volume of 1,781,197. The company’s fifty day moving average price is C$71.75 and its 200-day moving average price is C$70.82. The firm has a market capitalization of C$38.90 billion, a PE ratio of 22.90, a P/E/G ratio of 3.01 and a beta of 0.35. Fortis has a fifty-two week low of C$60.94 and a fifty-two week 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.

Fortis (TSE:FTS) last posted its quarterly earnings results on Thursday, February 12th. The company reported C$0.90 earnings per share for the quarter. Fortis had a return on equity of 7.48% and a net margin of 14.53%.The company had revenue of C$3.08 billion for the quarter. As a group, equities analysts forecast 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.