Fortis (TSE:FTS) Stock Price Expected to Rise, Desjardins Analyst Says

Fortis (TSE:FTS) had its target price increased by Desjardins from C$81.00 to C$85.00 in a note issued to investors on Monday,BayStreet.CA reports. The brokerage currently has a “buy” rating on the stock. Desjardins’ target price points to a potential upside of 4.60% from the company’s current price.

Other equities research analysts have also recently issued reports about the stock. Canadian Imperial Bank of Commerce cut shares of Fortis from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 17th. Raymond James Financial boosted their target price on shares of Fortis from C$78.50 to C$80.50 and gave the company an “outperform” rating in a report on Tuesday, April 28th. Barclays dropped their price target on shares of Fortis from C$84.00 to C$83.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. National Bank Financial increased their price target on shares of Fortis from C$75.00 to C$82.00 and gave the stock a “sector perform” rating in a research note on Monday, June 1st. Finally, TD lifted their price target on shares of Fortis from C$83.00 to C$84.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Five equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Fortis has an average rating of “Moderate Buy” and an average price target of C$79.68.

Fortis Stock Performance

TSE FTS opened at C$81.26 on Monday. The business’s 50-day moving average price is C$79.33 and its 200 day moving average price is C$77.20. The company has a current ratio of 0.49, a quick ratio of 0.36 and a debt-to-equity ratio of 145.23. Fortis has a twelve month low of C$66.03 and a twelve month high of C$82.87. The company has a market capitalization of C$41.37 billion, a PE ratio of 23.97, a price-to-earnings-growth ratio of 3.01 and a beta of 0.41.

Fortis (TSE:FTS) last posted its quarterly earnings results on Wednesday, May 6th. The company reported C$0.99 EPS for the quarter. Fortis had a return on equity of 7.51% and a net margin of 14.75%.The company had revenue of C$3.40 billion during the quarter. On average, research analysts predict that Fortis will post 3.3419913 earnings per share for the current year.

Insider Buying and Selling at Fortis

In other news, insider James Reid sold 24,700 shares of Fortis stock in a transaction dated Monday, June 15th. The stock was sold at an average price of C$79.21, for a total value of C$1,956,487.00. Following the transaction, the insider directly owned 31,283 shares of the company’s stock, valued at C$2,477,926.43. The trade was a 44.12% decrease in their position. Over the last quarter, insiders bought 572 shares of company stock valued at $45,909. Insiders own 0.04% of the company’s stock.

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.