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

Fortis (TSE:FTS) had its price objective increased by analysts at Scotiabank from C$63.00 to C$66.00 in a note issued to investors on Thursday,BayStreet.CA reports. The brokerage presently has a “sector perform” rating on the stock. Scotiabank’s price target suggests a potential upside of 3.71% from the company’s previous close.

Other analysts have also issued research reports about the stock. Jefferies Financial Group set a C$67.00 target price on shares of Fortis and gave the stock a “hold” rating in a research note on Thursday. Raymond James downgraded shares of Fortis from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th. Finally, CIBC lifted their target price on shares of Fortis from C$63.00 to C$64.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 8th. Two investment analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to MarketBeat, Fortis presently has a consensus rating of “Hold” and an average price target of C$61.80.

Fortis Stock Up 1.2 %

Shares of TSE:FTS opened at C$63.64 on Thursday. The business’s 50 day moving average is C$60.71 and its 200 day moving average is C$60.51. Fortis has a 12-month low of C$51.02 and a 12-month high of C$64.39. The stock has a market cap of C$31.48 billion, a price-to-earnings ratio of 18.89, a PEG ratio of 3.01 and a beta of 0.23. The company has a quick ratio of 0.36, a current ratio of 0.74 and a debt-to-equity ratio of 142.31.

Insider Buying and Selling

In related news, Senior Officer Jocelyn Perry sold 11,809 shares of Fortis stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of C$63.19, for a total value of C$746,178.83. 0.04% of the stock is currently owned by insiders.

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.