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

Fortis (TSE:FTS) had its price target lifted by investment analysts at CIBC from C$65.00 to C$68.00 in a research note issued on Friday,BayStreet.CA reports. CIBC’s target price points to a potential upside of 2.46% from the stock’s current price.

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

Fortis Stock Down 0.5 %

Shares of TSE:FTS traded down C$0.31 during mid-day trading on Friday, hitting C$66.37. 1,330,148 shares of the company traded hands, compared to its average volume of 1,726,127. 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 firm’s 50 day simple moving average is C$63.42 and its 200 day simple moving average is C$61.78. Fortis has a 52-week low of C$51.02 and a 52-week high of C$67.52. The firm 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.

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.