Fortis (TSE:FTS) Price Target Raised to C$62.50

Fortis (TSE:FTS) had its target price increased by analysts at Raymond James from C$61.00 to C$62.50 in a research report issued on Tuesday,BayStreet.CA reports. Raymond James’ price objective suggests a potential upside of 1.23% from the company’s previous close.

Several other brokerages have also recently issued reports on FTS. Royal Bank of Canada boosted their price objective on Fortis from C$65.00 to C$69.00 in a report on Tuesday. Scotiabank boosted their target price on Fortis from C$63.00 to C$66.00 and gave the stock a “sector perform” rating in a report on Thursday, February 13th. Jefferies Financial Group set a C$67.00 price objective on Fortis and gave the company a “hold” rating in a report on Thursday, February 13th. Finally, CIBC upped their price target on Fortis from C$63.00 to C$64.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 8th. Two investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to MarketBeat.com, Fortis presently has an average rating of “Hold” and a consensus target price of C$62.45.

Fortis Stock Performance

Shares of FTS stock traded down C$1.29 on Tuesday, hitting C$61.74. The company had a trading volume of 817,304 shares, compared to its average volume of 1,601,330. The firm has a market cap of C$30.54 billion, a P/E ratio of 18.33, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23. The company has a 50-day moving average price of C$60.75 and a 200-day moving average price of C$60.62. 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 twelve month low of C$51.02 and a twelve month high of C$64.39.

Insiders Place Their Bets

In other news, Senior Officer Jocelyn Perry sold 11,809 shares of the stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of C$63.19, for a total transaction of C$746,178.83. Corporate insiders own 0.04% of the company’s stock.

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.