Fortis (TSE:FTS) Price Target Increased to C$59.00 by Analysts at BMO Capital Markets

Fortis (TSE:FTS) had its price objective boosted by research analysts at BMO Capital Markets from C$58.50 to C$59.00 in a research report issued to clients and investors on Thursday, BayStreet.CA reports. BMO Capital Markets’ price objective points to a potential upside of 1.43% from the stock’s previous close.

FTS has been the subject of a number of other reports. Scotiabank lowered their price objective on shares of Fortis from C$60.00 to C$56.00 and set a “sector perform” rating for the company in a report on Monday, April 22nd. CIBC boosted their price objective on shares of Fortis from C$56.00 to C$57.00 and gave the stock a “neutral” rating in a report on Thursday, May 2nd. Wells Fargo & Company boosted their price objective on shares of Fortis from C$56.00 to C$59.00 in a report on Wednesday, May 8th. Raymond James lowered their price objective on shares of Fortis from C$62.00 to C$59.00 in a report on Thursday, April 25th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Fortis from C$52.00 to C$53.00 in a report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of C$58.17.

Fortis Price Performance

Fortis stock traded up C$0.45 during mid-day trading on Thursday, hitting C$58.17. 412,684 shares of the company traded hands, compared to its average volume of 1,593,406. Fortis has a one year low of C$49.82 and a one year high of C$58.25. The stock has a market cap of C$28.68 billion, a price-to-earnings ratio of 18.59, a price-to-earnings-growth ratio of 2.80 and a beta of 0.18. The company has a debt-to-equity ratio of 128.89, a quick ratio of 0.36 and a current ratio of 0.60. The stock has a fifty day moving average price of C$54.39 and a 200-day moving average price of C$53.91.

Fortis (TSE:FTS) last announced its earnings results on Wednesday, May 1st. The company reported C$0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of C$0.89 by C$0.04. Fortis had a net margin of 14.11% and a return on equity of 7.38%. The business had revenue of C$3.12 billion during the quarter, compared to analyst estimates of C$3.34 billion. On average, equities analysts predict that Fortis will post 3.2075145 earnings per share for the current fiscal year.

Insider Activity at Fortis

In other news, Senior Officer James Reid acquired 700 shares of the business’s stock in a transaction that occurred on Wednesday, June 19th. The shares were bought at an average cost of C$52.37 per share, with a total value of C$36,659.00. 0.04% of the stock is currently owned by insiders.

About Fortis

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.