Fortis (TSE:FTS) Price Target Raised to C$62.50

Fortis (TSE:FTS) had its price target hoisted by stock analysts at Raymond James from C$61.00 to C$62.50 in a research note issued to investors on Tuesday,BayStreet.CA reports. Raymond James’ target price suggests a potential upside of 1.23% from the company’s previous close.

A number of other brokerages have also recently commented on FTS. Jefferies Financial Group set a C$67.00 price target on Fortis and gave the stock a “hold” rating in a research note on Thursday, February 13th. CIBC lifted their price target on Fortis from C$63.00 to C$64.00 and gave the company a “neutral” rating in a research report on Wednesday, January 8th. Scotiabank boosted their target price on Fortis from C$63.00 to C$66.00 and gave the stock a “sector perform” rating in a report on Thursday, February 13th. Finally, Royal Bank of Canada upped their price objective on Fortis from C$65.00 to C$69.00 in a research report on Tuesday. Two research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to MarketBeat, Fortis presently has a consensus rating of “Hold” and an average price target of C$62.45.

Fortis Price Performance

TSE:FTS traded down C$1.29 during mid-day trading on Tuesday, reaching C$61.74. The stock had a trading volume of 817,304 shares, compared to its average volume of 1,601,330. The firm has a 50 day moving average price of C$60.75 and a two-hundred day moving average price of C$60.62. The stock has a market capitalization of C$30.54 billion, a P/E ratio of 18.33, a P/E/G ratio of 3.01 and a beta of 0.23. Fortis has a one year low of C$51.02 and a one year high of C$64.39. The company has a debt-to-equity ratio of 142.31, a quick ratio of 0.36 and a current ratio of 0.74.

Insiders Place Their Bets

In other news, Senior Officer Jocelyn Perry sold 11,809 shares of Fortis stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of C$63.19, for a total value of C$746,178.83. 0.04% of the stock is currently owned by company insiders.

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.