Fortis (TSE:FTS) Price Target Raised to C$72.00

Fortis (TSE:FTS) had its price objective raised by investment analysts at Royal Bank of Canada from C$69.00 to C$72.00 in a note issued to investors on Thursday,BayStreet.CA reports. The firm currently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price suggests a potential upside of 7.61% from the company’s current price.

Several other equities analysts have also recently commented on FTS. CIBC raised their price objective on Fortis from C$68.00 to C$69.00 and gave the stock a “neutral” rating in a research report on Thursday, April 24th. Jefferies Financial Group raised their target price on Fortis from C$67.00 to C$70.00 in a research report on Monday, April 14th. UBS Group increased their price objective on shares of Fortis from C$58.00 to C$63.00 in a research note on Friday, March 21st. Scotiabank lifted their target price on shares of Fortis from C$66.00 to C$70.00 and gave the company a “sector perform” rating in a research report on Thursday. Finally, Raymond James dropped their price target on shares of Fortis from C$69.00 to C$62.50 and set a “market perform” rating for the company in a research report on Thursday, April 17th. Two research analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of C$64.25.

Fortis Stock Performance

TSE:FTS opened at C$66.91 on Thursday. The firm’s 50-day moving average is C$65.48 and its 200-day moving average is C$62.80. The company has a market cap of C$33.10 billion, a price-to-earnings ratio of 19.86, a PEG ratio of 3.01 and a beta of 0.23. The company has a debt-to-equity ratio of 142.31, a quick ratio of 0.36 and a current ratio of 0.74. Fortis has a 52-week low of C$52.19 and a 52-week high of C$69.24.

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.