BMO Capital Markets Forecasts Strong Price Appreciation for Fortis (TSE:FTS) Stock

Fortis (TSE:FTS) had its price objective hoisted by analysts at BMO Capital Markets from C$72.00 to C$74.00 in a research report issued to clients and investors on Wednesday,BayStreet.CA reports. BMO Capital Markets’ price objective would indicate a potential upside of 3.55% from the stock’s current price.

FTS has been the topic of a number of other research reports. National Bankshares lifted their price target on shares of Fortis from C$65.00 to C$67.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 5th. Desjardins boosted 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. Jefferies Financial Group boosted their target price on shares of Fortis from C$70.00 to C$72.00 in a research note on Monday, September 15th. CIBC upped their target price on shares of Fortis from C$74.00 to C$75.00 in a research report on Wednesday. Finally, Scotiabank upped their price target on Fortis from C$70.00 to C$73.00 and gave the company a “sector perform” rating in a research note on Monday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Fortis presently has a consensus rating of “Moderate Buy” and a consensus target price of C$73.65.

Fortis Stock Up 0.3%

FTS traded up C$0.22 during midday trading on Wednesday, hitting C$71.46. 472,628 shares of the company’s stock traded hands, compared to its average volume of 1,550,804. The company has a market cap of C$35.99 billion, a PE ratio of 21.02, a price-to-earnings-growth ratio of 3.01 and a beta of 0.29. The stock’s fifty day simple moving average is C$69.77 and its 200-day simple moving average is C$67.73. The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36. Fortis has a one year low of C$57.98 and a one year high of C$73.43.

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.