Fortis (TSE:FTS) Stock Price Expected to Rise, Raymond James Financial Analyst Says

Fortis (TSE:FTS) had its price objective raised by Raymond James Financial from C$69.00 to C$72.00 in a report released on Tuesday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the stock. Raymond James Financial’s target price suggests a potential upside of 3.90% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. TD Securities set a C$74.00 price objective on Fortis and gave the stock a “buy” rating in a research report on Friday, June 27th. CIBC increased their price target on shares of Fortis from C$68.00 to C$69.00 and gave the stock a “neutral” rating in a report on Thursday, April 24th. Scotiabank raised their price target on shares of Fortis from C$66.00 to C$70.00 and gave the company a “sector perform” rating in a research report on Thursday, May 8th. National Bankshares upped their price objective on shares of Fortis from C$65.00 to C$67.00 and gave the stock a “sector perform” rating in a research report on Tuesday. Finally, Cibc World Mkts raised shares of Fortis from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 21st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortis presently has a consensus rating of “Hold” and an average price target of C$68.82.

Fortis Stock Down 0.2%

Shares of FTS opened at C$69.30 on Tuesday. The company has a market capitalization of C$34.28 billion, a price-to-earnings ratio of 20.57, a PEG ratio of 3.01 and a beta of 0.23. Fortis has a 52 week low of C$57.98 and a 52 week high of C$70.96. The stock’s 50-day moving average price is C$65.60 and its 200-day moving average price is C$64.87. The company has a quick ratio of 0.36, a current ratio of 0.74 and a debt-to-equity ratio of 142.31.

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.