Scotiabank Forecasts Strong Price Appreciation for Fortis (TSE:FTS) Stock

Fortis (TSE:FTS) had its price objective upped by research analysts at Scotiabank from C$79.00 to C$80.00 in a research note issued on Friday,BayStreet.CA reports. The brokerage presently has a “sector perform” rating on the stock. Scotiabank’s price objective suggests a potential upside of 3.33% from the stock’s current price.

A number of other analysts have also commented on the company. National Bank Financial lifted their price target on Fortis from C$68.00 to C$72.00 and gave the stock a “sector perform” rating in a report on Wednesday, December 17th. Raymond James Financial upped their price target on shares of Fortis from C$72.00 to C$75.50 and gave the company an “outperform” rating in a research note on Friday, October 24th. Desjardins lifted their target price on Fortis from C$76.00 to C$79.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. BMO Capital Markets upped their price target on shares of Fortis from C$72.00 to C$74.00 in a report on Wednesday, November 5th. Finally, Royal Bank Of Canada raised their target price on shares of Fortis from C$72.00 to C$79.00 in a research note on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of C$75.65.

Fortis Stock Performance

Shares of Fortis stock opened at C$77.42 on Friday. The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36. Fortis has a one year low of C$60.94 and a one year high of C$77.59. The business has a 50-day simple moving average of C$71.89 and a 200 day simple moving average of C$70.92. The firm has a market capitalization of C$39.13 billion, a price-to-earnings ratio of 23.04, a PEG ratio of 3.01 and a beta of 0.35.

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

Key Headlines Impacting Fortis

Here are the key news stories impacting Fortis this week:

• Positive Sentiment: Q4 earnings beat — Fortis reported C$0.90 EPS and C$3.08B revenue; commentary pointed to strong regulated utility growth and asset expansion. Fortis beats Q4 earnings expectations
• Positive Sentiment: Quarterly dividend declared — C$0.64 per share (annualized yield ~3.3%); ex-dividend date Feb 17, record date Mar 1. Income investors may favor the stock on the payout stability.
• Positive Sentiment: Desjardins raised its target to C$81 and kept a “buy” rating (largest upside among recent raises). BayStreet.CA
• Positive Sentiment: Raymond James raised its target to C$78.50 and kept an “outperform” rating, signaling continued bullish analyst view. BayStreet.CA TickerReport
• Neutral Sentiment: RBC and Scotiabank raised targets to C$80 (both keep “sector perform”) — modest upside but not full upgrades. BayStreet.CA
• Negative Sentiment: BMO lifted its target to C$77 and maintains a “market perform” rating — the target sits slightly below the recent price, implying limited upside/neutral-to-slightly-negative near term. BayStreet.CA

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.