CIBC Raises Fortis (TSE:FTS) Price Target to C$64.00

Fortis (TSE:FTS) had its price objective boosted by analysts at CIBC from C$63.00 to C$64.00 in a research 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 6.93% from the company’s current price.

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

Fortis Stock Performance

Shares of FTS stock traded down C$0.18 during trading hours on Wednesday, hitting C$59.85. 289,444 shares of the company were exchanged, compared to its average volume of 676,476. The company has a current ratio of 0.69, a quick ratio of 0.36 and a debt-to-equity ratio of 128.59. The stock has a market capitalization of C$29.64 billion, a price-to-earnings ratio of 18.76, a P/E/G ratio of 3.01 and a beta of 0.23. The firm has a fifty day simple moving average of C$61.09 and a 200 day simple moving average of C$59.12. Fortis has a 52-week low of C$51.02 and a 52-week high of C$63.75.

Insider Transactions at Fortis

In other news, Senior Officer Keri Linda Glitch purchased 450 shares of the company’s stock in a transaction on Friday, November 8th. The stock was purchased at an average price of C$61.41 per share, with a total value of C$27,634.59. Following the completion of the purchase, the insider now directly owns 450 shares in the company, valued at approximately C$27,634.59. This trade represents a ∞ increase in their position. Also, Director Gary Joseph Smith sold 21,716 shares of the company’s 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. 0.04% of the stock is owned by insiders.

Fortis Company Profile

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.