Canadian Imperial Bank of Commerce Issues Pessimistic Forecast for Fortis (TSE:FTS) Stock Price

Fortis (TSE:FTS) had its target price reduced by analysts at Canadian Imperial Bank of Commerce from C$82.00 to C$78.00 in a note issued to investors on Tuesday, BayStreet reports. Canadian Imperial Bank of Commerce’s target price would suggest a potential upside of 2.94% from the company’s previous close.

Other research analysts have also recently issued research reports about the stock. National Bank Financial upped their target price on shares of Fortis from C$75.00 to C$82.00 and gave the company a “sector perform” rating in a research report on Monday, June 1st. Desjardins upped their price objective on shares of Fortis from C$81.00 to C$85.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Five research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Fortis has a consensus rating of “Moderate Buy” and a consensus target price of C$79.86.

Fortis Trading Up 0.6%

Shares of FTS stock traded up C$0.47 during trading on Tuesday, hitting C$75.77. 286,504 shares of the stock traded hands, compared to its average volume of 1,601,346. The firm has a market capitalization of C$38.71 billion, a P/E ratio of 22.29, a price-to-earnings-growth ratio of 3.01 and a beta of 0.34. The company has a debt-to-equity ratio of 143.60, a current ratio of 0.56 and a quick ratio of 0.36. The firm’s fifty day moving average price is C$78.28 and its 200-day moving average price is C$78.37. Fortis has a 52-week low of C$67.62 and a 52-week high of C$83.75.

Fortis (TSE:FTS) last issued its quarterly earnings data on Friday, July 31st. The company reported C$0.78 earnings per share for the quarter. Fortis had a return on equity of 7.43% and a net margin of 14.72%.The company had revenue of C$2.93 billion during the quarter. As a group, research analysts forecast that Fortis will post 3.3419913 earnings per share for the current fiscal year.

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