Fortis (TSE:FTS) Price Target Raised to C$78.50 at Raymond James Financial

Fortis (TSE:FTS) had its target price boosted by Raymond James Financial from C$75.50 to C$78.50 in a research report issued on Friday,BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. Raymond James Financial’s price objective would indicate a potential upside of 2.00% from the company’s current price.

FTS has been the subject of a number of other research reports. BMO Capital Markets upped their target price on shares of Fortis from C$74.00 to C$77.00 and gave the stock a “market perform” rating in a report on Friday. Canadian Imperial Bank of Commerce increased their price objective on shares of Fortis from C$75.00 to C$76.00 in a report on Wednesday, December 17th. Royal Bank Of Canada boosted their target price on Fortis from C$79.00 to C$80.00 and gave the stock a “sector perform” rating in a report on Friday. National Bank Financial upped their price target on Fortis from C$68.00 to C$72.00 and gave the company a “sector perform” rating in a research report on Wednesday, December 17th. Finally, TD Securities lifted their price objective on Fortis from C$77.00 to C$79.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of C$75.65.

Fortis Price Performance

FTS stock traded up C$0.64 during trading on Friday, hitting C$76.96. The stock had a trading volume of 1,414,951 shares, compared to its average volume of 1,781,197. Fortis has a twelve month low of C$60.94 and a twelve month high of C$77.59. The company’s 50-day moving average price is C$71.75 and its two-hundred day moving average price is C$70.82. The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36. The stock has a market capitalization of C$38.90 billion, a P/E ratio of 22.90, a PEG ratio of 3.01 and a beta of 0.35.

Fortis (TSE:FTS) last released its earnings results on Thursday, February 12th. The company reported C$0.90 earnings per share for the quarter. Fortis had a return on equity of 7.48% and a net margin of 14.53%.The business had revenue of C$3.08 billion for the quarter. As a group, research analysts predict that Fortis will post 3.3419913 EPS for the current fiscal year.

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. states, with more than 16,000 miles of high-voltage transmission lines in operation serving a peak load in excess of 23 gigawatts.