Fortis (TSE:FTS) Price Target Raised to C$61.00 at BMO Capital Markets

Fortis (TSE:FTS) had its price target boosted by investment analysts at BMO Capital Markets from C$59.00 to C$61.00 in a research note issued to investors on Thursday, BayStreet.CA reports. BMO Capital Markets’ price target would indicate a potential upside of 0.10% from the stock’s current price.

Several other equities analysts have also recently issued reports on the company. JPMorgan Chase & Co. lifted their price target on Fortis from C$52.00 to C$53.00 in a research report on Thursday, July 25th. Raymond James raised their price objective on Fortis from C$59.00 to C$61.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. National Bankshares boosted their price objective on Fortis from C$56.00 to C$62.00 and gave the stock a “sector perform” rating in a report on Friday, August 23rd. CIBC increased their target price on Fortis from C$57.00 to C$59.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Finally, Scotiabank upped their target price on Fortis from C$56.00 to C$63.00 and gave the company a “sector perform” rating in a report on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Fortis currently has a consensus rating of “Hold” and an average target price of C$59.10.

Fortis Stock Performance

FTS traded up C$0.43 during trading on Thursday, reaching C$60.94. 286,667 shares of the company were exchanged, compared to its average volume of 1,651,431. The company has a current ratio of 0.69, a quick ratio of 0.36 and a debt-to-equity ratio of 128.59. The stock has a market cap of C$30.18 billion, a P/E ratio of 19.10, a PEG ratio of 2.80 and a beta of 0.22. Fortis has a 52 week low of C$49.82 and a 52 week high of C$61.11. The firm has a 50 day moving average of C$57.06 and a 200 day moving average of C$54.90.

Fortis (TSE:FTS) last issued its quarterly earnings data on Wednesday, July 31st. The company reported C$0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of C$0.65 by C$0.02. Fortis had a return on equity of 7.44% and a net margin of 14.35%. The business had revenue of C$2.67 billion during the quarter, compared to the consensus estimate of C$2.71 billion. On average, sell-side analysts forecast that Fortis will post 3.2439825 EPS for the current fiscal year.

Insider Transactions at Fortis

In other news, Senior Officer James Reid bought 700 shares of the firm’s stock in a transaction that occurred on Wednesday, June 19th. The shares were acquired at an average cost of C$52.37 per share, with a total value of C$36,659.00. 0.04% of the stock is currently owned by corporate 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.