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

Fortis (TSE:FTS) had its target price lifted by stock analysts at CIBC from C$64.00 to C$65.00 in a research report issued on Tuesday,BayStreet.CA reports. CIBC’s target price would indicate a potential upside of 5.28% from the stock’s previous close.

A number of other research firms have also recently issued reports on FTS. Royal Bank of Canada raised their target price on shares of Fortis from C$65.00 to C$69.00 in a research note on Tuesday. Scotiabank raised their target price on shares of Fortis from C$63.00 to C$66.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 13th. 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, February 13th. Finally, Raymond James raised their target price on shares of Fortis from C$61.00 to C$62.50 in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of C$62.45.

Fortis Stock Performance

FTS stock traded down C$1.29 during trading hours on Tuesday, reaching C$61.74. The stock had a trading volume of 817,304 shares, compared to its average volume of 1,601,330. The stock has a market capitalization of C$30.54 billion, a PE ratio of 18.33, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23. The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36. The stock has a 50-day simple moving average of C$60.75 and a 200 day simple moving average of C$60.62. Fortis has a fifty-two week low of C$51.02 and a fifty-two week high of C$64.39.

Insider Buying and Selling at Fortis

In other news, Senior Officer Jocelyn Perry sold 11,809 shares of the company’s stock in a transaction on Wednesday, November 27th. The shares were 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 company 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.