Fortis (TSE:FTS) Given New C$65.00 Price Target at CIBC

Fortis (TSE:FTS - Get Free Report) had its target price upped by equities researchers at CIBC from C$64.00 to C$65.00 in a note issued to investors on Tuesday,BayStreet.CA reports. CIBC's target price points to a potential upside of 3.62% from the company's current price.

A number of other research analysts have also recently commented on FTS. Jefferies Financial Group set a C$67.00 target price on Fortis and gave the company a "hold" rating in a research note on Thursday, February 13th. Royal Bank of Canada increased their price objective on Fortis from C$65.00 to C$69.00 in a research 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 research report on Thursday, February 13th. Finally, Raymond James boosted their target price on Fortis from C$61.00 to C$62.50 in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company's stock. Based on data from MarketBeat, Fortis presently has an average rating of "Hold" and an average target price of C$62.45.

Fortis Stock Performance

Shares of Fortis stock traded up C$0.68 during trading hours on Tuesday, reaching C$62.73. The company had a trading volume of 2,494,219 shares, compared to its average volume of 1,726,503. Fortis has a one year low of C$51.02 and a one year high of C$64.39. The business has a fifty day simple moving average of C$60.82 and a 200 day simple moving average of C$60.74. The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36. The firm has a market cap of C$31.03 billion, a PE ratio of 18.62, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23.

Insider Buying and Selling

In related news, Senior Officer Jocelyn Perry sold 11,809 shares of the business's 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. 0.04% of the stock is owned by company insiders.

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.