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

Fortis (TSE:FTS) had its price objective hoisted by equities research analysts at CIBC from C$63.00 to C$64.00 in a report issued on Wednesday,BayStreet.CA reports. The brokerage presently has a “neutral” rating on the stock. CIBC’s price target indicates a potential upside of 6.22% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the stock. UBS Group upgraded shares of Fortis to a “strong sell” rating in a research note on Tuesday, September 10th. Royal Bank of Canada lifted their price objective on Fortis from C$62.00 to C$65.00 and gave the company a “sector perform” rating in a report on Thursday, October 3rd. Raymond James lowered shares of Fortis from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 6th. Finally, Bank of America set a C$60.00 target price on shares of Fortis and gave the stock an “underperform” rating in a research report on Friday, September 20th. Three analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of C$60.89.

Fortis Trading Down 0.2 %

Shares of FTS stock opened at C$60.25 on Wednesday. The firm has a market capitalization of C$29.84 billion, a P/E ratio of 18.89, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23. Fortis has a 1 year low of C$51.02 and a 1 year high of C$63.75. The firm’s fifty day simple moving average is C$61.09 and its 200 day simple moving average is C$59.21. The company has a current ratio of 0.69, a quick ratio of 0.36 and a debt-to-equity ratio of 128.59.

Insiders Place Their Bets

In related news, Director Gary Joseph Smith sold 21,716 shares of Fortis stock in a transaction dated Friday, November 8th. The stock was sold at an average price of C$61.45, for a total value of C$1,334,543.75. Also, Senior Officer Keri Linda Glitch bought 450 shares of the business’s stock in a transaction on Friday, November 8th. The shares were acquired at an average price of C$61.41 per share, for a total transaction of C$27,634.59. Following the completion of the transaction, the insider now owns 450 shares in the company, valued at approximately C$27,634.59. This trade represents a ∞ increase in their position. Insiders own 0.04% of the company’s stock.

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.