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

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 firm presently has a “sector perform” rating on the stock. Scotiabank’s price objective points to a potential upside of 4.83% from the company’s current price.

A number of other equities research analysts have also issued reports on FTS. Raymond James lowered Fortis from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th. CIBC boosted their price objective on shares of Fortis from C$63.00 to C$64.00 and gave the company a “neutral” rating in a research report on Wednesday, January 8th. Finally, Jefferies Financial Group set a C$67.00 target price on shares of Fortis and gave the stock a “hold” rating in a research report on Thursday. Two research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to data from MarketBeat, Fortis presently has a consensus rating of “Hold” and a consensus target price of C$61.80.

Fortis Stock Performance

FTS stock traded up C$0.26 during trading on Thursday, hitting C$62.96. 1,366,658 shares of the company’s stock traded hands, compared to its average volume of 1,516,165. The company has a quick ratio of 0.36, a current ratio of 0.74 and a debt-to-equity ratio of 142.31. The stock has a fifty day moving average price of C$60.71 and a two-hundred day moving average price of C$60.46. The stock has a market capitalization of C$31.15 billion, a price-to-earnings ratio of 18.69, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23. Fortis has a 52 week low of C$51.02 and a 52 week high of C$63.75.

Insider Buying and Selling

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