Fortis (TSE:FTS) Price Target Raised to C$70.00 at Jefferies Financial Group

Fortis (TSE:FTS) had its price objective increased by stock analysts at Jefferies Financial Group from C$67.00 to C$70.00 in a research report issued to clients and investors on Monday,BayStreet.CA reports. Jefferies Financial Group’s target price indicates a potential upside of 6.50% from the stock’s current price.

Several other equities analysts have also issued reports on FTS. UBS Group upped their price target on Fortis from C$58.00 to C$63.00 in a research note on Friday, March 21st. Scotiabank raised their target price on shares of Fortis from C$63.00 to C$66.00 and gave the company a “sector perform” rating in a research note on Thursday, February 13th. Royal Bank of Canada lifted their price target on shares of Fortis from C$65.00 to C$69.00 in a research report on Tuesday, February 18th. Raymond James increased their price objective on shares of Fortis from C$61.00 to C$62.50 in a report on Tuesday, February 18th. Finally, CIBC increased their price target on Fortis from C$65.00 to C$68.00 in a research note on Friday, April 4th. Two analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Based on data from MarketBeat, Fortis currently has a consensus rating of “Hold” and a consensus target price of C$63.05.

Fortis Price Performance

Shares of Fortis stock traded up C$1.09 during midday trading on Monday, reaching C$65.73. The company had a trading volume of 263,015 shares, compared to its average volume of 1,754,558. The stock has a fifty day simple moving average of C$63.76 and a 200 day simple moving average of C$61.92. Fortis has a 1-year low of C$51.02 and a 1-year 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 company has a market capitalization of C$32.52 billion, a price-to-earnings ratio of 19.51, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23.

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.