Royal Bank of Canada Raises Fortis (TSE:FTS) Price Target to C$69.00

Fortis (TSE:FTS - Get Free Report) had its target price increased by equities research analysts at Royal Bank of Canada from C$65.00 to C$69.00 in a note issued to investors on Tuesday,BayStreet.CA reports. Royal Bank of Canada's price target points to a potential upside of 10.00% from the company's current price.

Several other brokerages have also weighed in on FTS. CIBC increased their price objective on shares of Fortis from C$63.00 to C$64.00 and gave the company a "neutral" rating in a research report on Wednesday, January 8th. Scotiabank increased their price target on shares of Fortis from C$63.00 to C$66.00 and gave the company a "sector perform" rating in a report on Thursday, February 13th. Jefferies Financial Group set a C$67.00 price target on shares of Fortis and gave the company a "hold" rating in a report on Thursday, February 13th. Finally, Raymond James cut Fortis from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company's stock. Based on data from MarketBeat.com, Fortis currently has an average rating of "Hold" and a consensus price target of C$62.45.

Fortis Stock Performance

Fortis stock traded up C$0.68 during midday trading on Tuesday, reaching C$62.73. 2,494,219 shares of the company's stock were exchanged, compared to its average volume of 1,726,503. Fortis has a 52 week low of C$51.02 and a 52 week high of C$64.39. The company has a debt-to-equity ratio of 142.31, a quick ratio of 0.36 and a current ratio of 0.74. The firm has a market cap of C$31.03 billion, a price-to-earnings ratio of 18.62, a P/E/G ratio of 3.01 and a beta of 0.23. The stock's 50-day simple moving average is C$60.82 and its 200 day simple moving average is C$60.74.

Insider Activity

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

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.