Fortis (TSE:FTS) Stock Price Expected to Rise, BMO Capital Markets Analyst Says

Fortis (TSE:FTS) had its target price increased by BMO Capital Markets from C$74.00 to C$77.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The brokerage presently has a “market perform” rating on the stock. BMO Capital Markets’ target price suggests a potential downside of 0.54% from the stock’s current price.

Several other brokerages have also recently issued reports on FTS. TD Securities boosted their price objective on shares of Fortis from C$77.00 to C$79.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Raymond James Financial lifted their price objective on Fortis from C$72.00 to C$75.50 and gave the stock an “outperform” rating in a report on Friday, October 24th. Canadian Imperial Bank of Commerce upped their price target on shares of Fortis from C$75.00 to C$76.00 in a report on Wednesday, December 17th. National Bank Financial increased their price objective on Fortis from C$68.00 to C$72.00 and gave the company a “sector perform” rating in a research note on Wednesday, December 17th. Finally, Jefferies Financial Group lowered their target price on shares of Fortis from C$72.00 to C$70.00 in a research note on Wednesday, January 28th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of C$75.65.

Fortis Stock Performance

Shares of Fortis stock opened at C$77.42 on Friday. The company has a quick ratio of 0.36, a current ratio of 0.74 and a debt-to-equity ratio of 142.31. Fortis has a 52 week low of C$60.94 and a 52 week high of C$77.59. The firm’s 50 day moving average is C$71.89 and its two-hundred day moving average is C$70.92. The firm has a market capitalization of C$39.13 billion, a P/E ratio of 23.04, a P/E/G ratio of 3.01 and a beta of 0.35.

Fortis (TSE:FTS) last posted its 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 for the quarter. Fortis had a return on equity of 7.48% and a net margin of 14.53%. Research analysts forecast that Fortis will post 3.3419913 EPS for the current fiscal year.

More Fortis News

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.