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

Fortis (TSE:FTS) had its price objective lifted by investment analysts at Royal Bank of Canada from C$62.00 to C$65.00 in a research note issued to investors on Thursday, BayStreet.CA reports. The brokerage currently has a “sector perform” rating on the stock.

FTS has been the subject of several other reports. BMO Capital Markets increased their price target on Fortis from C$59.00 to C$61.00 in a report on Thursday, September 5th. UBS Group raised Fortis to a “strong sell” rating in a research report on Tuesday, September 10th. National Bankshares upped their price objective on Fortis from C$56.00 to C$62.00 and gave the stock a “sector perform” rating in a research report on Friday, August 23rd. Bank of America set a C$60.00 price objective on Fortis and gave the stock an “underperform” rating in a research report on Friday, September 20th. Finally, JPMorgan Chase & Co. upped their price objective on Fortis from C$52.00 to C$53.00 in a research report on Thursday, July 25th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, Fortis presently has an average rating of “Hold” and an average price target of C$60.40.

Fortis Price Performance

Fortis has a fifty-two week low of C$51.02 and a fifty-two week high of C$62.29. The stock has a 50-day simple moving average of C$59.89 and a 200-day simple moving average of C$56.04. The company has a market capitalization of C$29.88 billion, a P/E ratio of 19.08, a P/E/G ratio of 2.80 and a beta of 0.23. The company has a quick ratio of 0.36, a current ratio of 0.69 and a debt-to-equity ratio of 128.59.

Fortis (TSE:FTS) last announced 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. Fortis had a return on equity of 7.44% and a net margin of 14.35%. The company had revenue of C$2.67 billion during the quarter, compared to the consensus estimate of C$2.71 billion. On average, equities analysts anticipate that Fortis will post 3.29329 EPS for the current fiscal year.

Insider Activity at Fortis

In related news, Senior Officer James Reid sold 19,972 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of C$59.46, for a total transaction of C$1,187,493.18. Insiders own 0.04% of the company’s stock.

About Fortis

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.