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

by · The Cerbat Gem

Fortis (TSE:FTS – Get Free Report) had its price objective increased by equities research analysts at CIBC from C$65.00 to C$68.00 in a report issued on Friday,BayStreet.CA reports. CIBC’s price target indicates a potential upside of 2.46% from the stock’s current price.

A number of other brokerages also recently commented on FTS. Raymond James lifted their price objective on Fortis from C$61.00 to C$62.50 in a research report on Tuesday, February 18th. Jefferies Financial Group set a C$67.00 price target on shares of Fortis and gave the company a “hold” rating in a report on Thursday, February 13th. Royal Bank of Canada upped their target price on shares of Fortis from C$65.00 to C$69.00 in a research note on Tuesday, February 18th. UBS Group lifted their price objective on shares of Fortis from C$58.00 to C$63.00 in a research note on Friday, March 21st. Finally, Scotiabank lifted their price target on Fortis from C$63.00 to C$66.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 13th. Two investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of C$62.77.

View Our Latest Research Report on FTS

Fortis Stock Down 0.5 %

Shares of TSE FTS traded down C$0.31 during mid-day trading on Friday, reaching C$66.37. The company had a trading volume of 1,330,148 shares, compared to its average volume of 1,726,127. Fortis has a 52-week low of C$51.02 and a 52-week high of C$67.52. The company has a current ratio of 0.74, a quick ratio of 0.36 and a debt-to-equity ratio of 142.31. The stock has a market cap of C$32.83 billion, a P/E ratio of 19.70, a PEG ratio of 3.01 and a beta of 0.23. The firm has a 50 day simple moving average of C$63.42 and a two-hundred day simple moving average of C$61.78.

About Fortis

(Get Free Report)

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.

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