Raymond James Financial Forecasts Strong Price Appreciation for Fortis (TSE:FTS) Stock

Fortis (TSE:FTS) had its price target upped by stock analysts at Raymond James Financial from C$75.50 to C$78.50 in a report issued on Friday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the stock. Raymond James Financial’s price target suggests a potential upside of 2.00% from the company’s previous close.

A number of other brokerages have also recently commented on FTS. National Bank Financial upped their price target on Fortis from C$68.00 to C$72.00 and gave the stock a “sector perform” rating in a research report on Wednesday, December 17th. Royal Bank Of Canada boosted their target price on shares of Fortis from C$79.00 to C$80.00 and gave the stock a “sector perform” rating in a report on Friday. Desjardins lifted their price target on shares of Fortis from C$76.00 to C$79.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. BMO Capital Markets increased their target price on Fortis from C$74.00 to C$77.00 and gave the company a “market perform” rating in a research report on Friday. Finally, Scotiabank lifted their target price on Fortis from C$79.00 to C$80.00 and gave the stock a “sector perform” rating in a report on Friday. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of C$75.65.

Fortis Stock Performance

Shares of TSE:FTS traded up C$0.64 during midday trading on Friday, reaching C$76.96. 1,414,951 shares of the company’s stock traded hands, compared to its average volume of 1,781,197. Fortis has a one year low of C$60.94 and a one year high of C$77.59. The stock has a 50 day moving average of C$71.75 and a 200 day moving average of C$70.82. 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 company has a market cap of C$38.90 billion, a price-to-earnings ratio of 22.90, a P/E/G ratio of 3.01 and a beta of 0.35.

Fortis (TSE:FTS) last issued its quarterly earnings data on Thursday, February 12th. The company reported C$0.90 earnings per share for the quarter. Fortis had a net margin of 14.53% and a return on equity of 7.48%. The company had revenue of C$3.08 billion for the quarter. As a group, equities research analysts anticipate that Fortis will post 3.3419913 EPS for the current fiscal year.

About Fortis

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. states, with more than 16,000 miles of high-voltage transmission lines in operation serving a peak load in excess of 23 gigawatts.