Scotiabank Forecasts Strong Price Appreciation for Fortis (TSE:FTS) Stock

Fortis (TSE:FTS) had its price target lifted by analysts at Scotiabank from C$74.00 to C$79.00 in a report issued on Tuesday,BayStreet.CA reports. Scotiabank’s target price would suggest a potential upside of 10.99% from the company’s previous close.

FTS has been the topic of several other reports. Raymond James Financial increased their price objective on Fortis from C$72.00 to C$75.50 and gave the company an “outperform” rating in a research note on Friday, October 24th. Royal Bank Of Canada increased their price target on Fortis from C$72.00 to C$79.00 in a research report on Wednesday, November 5th. TD Securities lifted their price objective on Fortis from C$77.00 to C$79.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Jefferies Financial Group upped their target price on shares of Fortis from C$70.00 to C$72.00 in a research note on Monday, September 15th. Finally, BMO Capital Markets raised their target price on shares of Fortis from C$72.00 to C$74.00 in a report on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of C$74.85.

Fortis Trading Up 0.9%

Shares of FTS stock opened at C$71.18 on Tuesday. 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 stock has a market capitalization of C$35.97 billion, a P/E ratio of 21.18, a price-to-earnings-growth ratio of 3.01 and a beta of 0.30. The company has a 50 day moving average price of C$71.75 and a 200 day moving average price of C$68.83. Fortis has a fifty-two week low of C$57.98 and a fifty-two week high of C$74.00.

Fortis (TSE:FTS) last released its earnings results on Tuesday, November 4th. The company reported C$0.87 earnings per share (EPS) 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$2.94 billion for the quarter. Equities research analysts predict 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.