Fortis (TSE:FTS) Price Target Raised to C$65.00 at Royal Bank of Canada

Fortis (TSE:FTS - Get Free Report) had its price target lifted by research analysts at Royal Bank of Canada from C$62.00 to C$65.00 in a report released on Thursday, BayStreet.CA reports. The firm presently has a "sector perform" rating on the stock. Royal Bank of Canada's price target suggests a potential upside of 6.80% from the stock's previous close.

Other equities analysts have also recently issued research reports about the company. Bank of America set a C$60.00 price target on Fortis and gave the company an "underperform" rating in a report on Friday, September 20th. National Bankshares upped their target price on Fortis from C$56.00 to C$62.00 and gave the company a "sector perform" rating in a research note on Friday, August 23rd. CIBC lifted their price target on shares of Fortis from C$57.00 to C$59.00 and gave the stock a "neutral" rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. increased their price objective on shares of Fortis from C$52.00 to C$53.00 in a research note on Thursday, July 25th. Finally, UBS Group upgraded shares of Fortis to a "strong sell" rating in a research report on Tuesday, September 10th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of C$60.40.

Fortis Stock Performance

FTS stock traded down C$0.93 on Thursday, reaching C$60.86. 1,140,032 shares of the company were exchanged, compared to its average volume of 1,616,791. The firm has a market capitalization of C$30.14 billion, a PE ratio of 19.08, a PEG ratio of 2.80 and a beta of 0.23. Fortis has a 12 month low of C$50.69 and a 12 month high of C$62.29. The stock's fifty day moving average price is C$59.89 and its 200 day moving average price is C$56.04. The company has a debt-to-equity ratio of 128.59, a current ratio of 0.69 and a quick ratio of 0.36.

Fortis (TSE:FTS - Get Free Report) last posted its quarterly earnings results on Wednesday, July 31st. The company reported C$0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of C$0.65 by C$0.02. The company had revenue of C$2.67 billion for the quarter, compared to analyst estimates of C$2.71 billion. Fortis had a net margin of 14.35% and a return on equity of 7.44%. On average, research analysts anticipate that Fortis will post 3.29329 EPS for the current fiscal year.

Insider Transactions at Fortis

In other Fortis news, Senior Officer James Reid sold 19,972 shares of Fortis stock in a transaction on Friday, August 23rd. The stock was sold at an average price of C$59.46, for a total value of C$1,187,493.18. Company insiders own 0.04% of the company's stock.

Fortis Company Profile

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.