Fortis (TSE:FTS) Price Target Raised to C$82.00

Fortis (TSE:FTS) had its price target increased by equities researchers at National Bank Financial from C$75.00 to C$82.00 in a report issued on Monday,BayStreet.CA reports. The brokerage currently has a “sector perform” rating on the stock. National Bank Financial’s target price would indicate a potential upside of 8.87% from the company’s previous close.

Other equities research analysts also recently issued reports about the stock. TD upped their price objective on shares of Fortis from C$83.00 to C$84.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Desjardins boosted their target price on shares of Fortis from C$79.00 to C$81.00 and gave the company a “buy” rating in a research note on Friday, February 13th. BMO Capital Markets boosted their target price on shares of Fortis from C$74.00 to C$77.00 and gave the company a “market perform” rating in a research note on Friday, February 13th. Raymond James Financial boosted their target price on shares of Fortis from C$78.50 to C$80.50 and gave the company an “outperform” rating in a research note on Tuesday, April 28th. Finally, Scotiabank boosted their target price 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, February 13th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of C$79.32.

Fortis Stock Down 1.2%

FTS stock traded down C$0.94 during trading on Monday, reaching C$75.32. The stock had a trading volume of 468,239 shares, compared to its average volume of 1,717,773. Fortis has a one year low of C$63.54 and a one year high of C$80.69. The company has a quick ratio of 0.36, a current ratio of 0.49 and a debt-to-equity ratio of 145.23. The company’s 50 day moving average is C$77.45 and its two-hundred day moving average is C$74.99. The company has a market capitalization of C$38.35 billion, a price-to-earnings ratio of 22.22, a P/E/G ratio of 3.01 and a beta of 0.47.

Fortis (TSE:FTS) last issued its quarterly earnings data on Wednesday, May 6th. The company reported C$0.99 earnings per share (EPS) for the quarter. Fortis had a net margin of 14.75% and a return on equity of 7.51%. The business had revenue of C$3.40 billion during the quarter. Equities research 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.