Fortis (TSE:FTS) Price Target Raised to C$84.00 at TD
by Doug Wharley · The Cerbat GemFortis (TSE:FTS – Get Free Report) had its target price hoisted by analysts at TD from C$83.00 to C$84.00 in a research report issued on Thursday,BayStreet.CA reports. The brokerage currently has a “buy” rating on the stock. TD’s price objective indicates a potential upside of 10.02% from the company’s previous close.
Other research analysts have also recently issued research reports about the company. Raymond James Financial boosted their price target on Fortis from C$78.50 to C$80.50 and gave the stock an “outperform” rating in a research note on Tuesday, April 28th. BMO Capital Markets boosted their target price on Fortis from C$74.00 to C$77.00 and gave the stock a “market perform” rating in a research report on Friday, February 13th. Jefferies Financial Group lowered their target price on shares of Fortis from C$72.00 to C$70.00 in a research note on Wednesday, January 28th. Scotiabank raised 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 report on Friday, February 13th. Finally, Barclays set a C$62.00 price target on shares of Fortis and gave the stock an “overweight” rating in a research note on Tuesday, April 28th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Fortis presently has a consensus rating of “Moderate Buy” and an average target price of C$76.50.
Check Out Our Latest Report on FTS
Fortis Stock Down 0.4%
Shares of TSE:FTS traded down C$0.27 during trading on Thursday, reaching C$76.35. 323,716 shares of the stock traded hands, compared to its average volume of 1,709,893. The stock has a market cap of C$38.87 billion, a P/E ratio of 22.46, a price-to-earnings-growth ratio of 3.01 and a beta of 0.47. The company has a debt-to-equity ratio of 145.62, a quick ratio of 0.36 and a current ratio of 0.51. The stock has a 50-day moving average of C$77.97 and a two-hundred day moving average of C$74.33. Fortis has a 52-week low of C$63.54 and a 52-week high of C$80.69.
Fortis (TSE:FTS – Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported C$0.99 earnings per share (EPS) for the quarter. Fortis had a return on equity of 7.51% and a net margin of 14.78%.The business had revenue of C$3.40 billion for the quarter. As a group, sell-side analysts expect that Fortis will post 3.3419913 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Fortis news, insider Karen J. Gosse sold 8,412 shares of the stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of C$78.18, for a total value of C$657,650.16. Following the transaction, the insider owned 52,228 shares of the company’s stock, valued at approximately C$4,083,185.04. This represents a 13.87% decrease in their ownership of the stock. Corporate insiders own 0.04% of the company’s stock.
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.