Royal Bank Of Canada Forecasts Strong Price Appreciation for Fortis (TSE:FTS) Stock

Fortis (TSE:FTS) had its target price hoisted by Royal Bank Of Canada from C$79.00 to C$80.00 in a note issued to investors on Friday,BayStreet.CA reports. The firm presently has a “sector perform” rating on the stock. Royal Bank Of Canada’s target price points to a potential upside of 3.95% from the company’s previous close.

A number of other analysts have also commented on the stock. Desjardins boosted their price objective on shares of Fortis from C$76.00 to C$79.00 and gave the stock a “buy” rating in a research report on Wednesday, October 22nd. Scotiabank increased their price objective on shares of Fortis from C$79.00 to C$80.00 and gave the stock a “sector perform” rating in a research note on Friday. Jefferies Financial Group decreased their price objective on Fortis from C$72.00 to C$70.00 in a report on Wednesday, January 28th. Canadian Imperial Bank of Commerce upped their target price on Fortis from C$75.00 to C$76.00 in a report on Wednesday, December 17th. Finally, Raymond James Financial increased their price target on Fortis from C$72.00 to C$75.50 and gave the company an “outperform” rating in a research report on Friday, October 24th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of C$75.65.

Fortis Stock Up 0.8%

Shares of FTS stock traded up C$0.64 during trading hours on Friday, hitting C$76.96. 1,414,951 shares of the company were exchanged, compared to its average volume of 1,781,197. The business has a 50 day moving average of C$71.75 and a two-hundred day moving average of C$70.82. The company has a current ratio of 0.74, a quick ratio of 0.36 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 company has a market capitalization of C$38.90 billion, a PE ratio of 22.90, a PEG ratio of 3.01 and a beta of 0.35.

Fortis (TSE:FTS) last posted its quarterly earnings data 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 net margin of 14.53% and a return on equity of 7.48%. Analysts anticipate that Fortis will post 3.3419913 earnings per share for the current fiscal year.

Fortis Company Profile

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.