Fortis (TSE:FTS) Price Target Raised to C$57.00 at CIBC

Fortis (TSE:FTS) had its price objective upped by investment analysts at CIBC from C$56.00 to C$57.00 in a note issued to investors on Thursday, BayStreet.CA reports. The brokerage currently has a “neutral” rating on the stock. CIBC’s price target would suggest a potential upside of 4.57% from the company’s current price.

FTS has been the subject of a number of other research reports. National Bankshares upped their price objective on Fortis from C$52.00 to C$55.00 and gave the company a “sector perform” rating in a research note on Tuesday, January 30th. Raymond James cut their price target on Fortis from C$62.00 to C$59.00 in a research note on Thursday, April 25th. Scotiabank cut their price target on Fortis from C$60.00 to C$56.00 and set a “sector perform” rating for the company in a research note on Monday, April 22nd. JPMorgan Chase & Co. cut their price target on Fortis from C$53.00 to C$50.00 and set an “underweight” rating for the company in a research note on Monday, January 22nd. Finally, BMO Capital Markets cut their price target on Fortis from C$58.50 to C$58.00 and set a “market perform” rating for the company in a research note on Monday, February 12th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of C$56.88.

Fortis Stock Up 0.3 %

Shares of TSE:FTS traded up C$0.15 during trading on Thursday, reaching C$54.51. 298,419 shares of the stock were exchanged, compared to its average volume of 1,544,675. The company has a debt-to-equity ratio of 128.76, a current ratio of 0.68 and a quick ratio of 0.36. Fortis has a 1-year low of C$49.82 and a 1-year high of C$62.00. The stock has a fifty day moving average of C$53.15 and a two-hundred day moving average of C$54.17. The firm has a market cap of C$26.87 billion, a price-to-earnings ratio of 17.58, a price-to-earnings-growth ratio of 2.80 and a beta of 0.17.

Fortis (TSE:FTS) last announced its quarterly earnings results on Friday, February 9th. The company reported C$0.72 earnings per share (EPS) for the quarter, hitting the consensus estimate of C$0.72. The business had revenue of C$2.89 billion during the quarter, compared to the consensus estimate of C$3.22 billion. Fortis had a return on equity of 7.41% and a net margin of 13.66%. Research analysts anticipate that Fortis will post 3.2119367 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Brian Slocum bought 1,888 shares of the stock in a transaction dated Tuesday, March 5th. The stock was bought at an average price of C$39.18 per share, for a total transaction of C$73,971.65. In related news, Director Margarita Dilley acquired 960 shares of the stock in a transaction on Thursday, February 29th. The stock was acquired at an average price of C$38.57 per share, for a total transaction of C$37,027.20. Also, Director Brian Slocum acquired 1,888 shares of the stock in a transaction on Tuesday, March 5th. The shares were bought at an average price of C$39.18 per share, with a total value of C$73,971.65. Insiders bought a total of 2,851 shares of company stock worth $111,115 in the last quarter. 0.04% of the stock is owned by company insiders.

About Fortis

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.