Fortis (TSE:FTS) Price Target Raised to C$57.00 at CIBC

Fortis (TSE:FTS) had its target price increased by CIBC from C$55.00 to C$57.00 in a research note published on Wednesday morning, BayStreet.CA reports.

Several other equities analysts have also recently weighed in on FTS. TD Securities lowered their price objective on shares of Fortis from C$55.00 to C$54.00 and set a hold rating on the stock in a research note on Wednesday, December 4th. Raymond James set a C$55.00 target price on shares of Fortis and gave the stock a market perform rating in a report on Monday, November 25th. National Bank Financial reissued a sector perform rating and issued a C$54.00 target price on shares of Fortis in a report on Wednesday, December 4th. UBS Group reduced their target price on shares of Fortis from C$62.00 to C$59.00 in a report on Friday, November 8th. Finally, CSFB set a C$54.00 target price on shares of Fortis and gave the stock a neutral rating in a report on Tuesday, November 26th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of C$55.80.

Shares of TSE:FTS traded up C$0.27 during trading on Wednesday, hitting C$55.51. The company’s stock had a trading volume of 268,787 shares, compared to its average volume of 1,158,434. The company has a 50-day moving average of C$53.71 and a 200-day moving average of C$53.92. Fortis has a 12 month low of C$45.90 and a 12 month high of C$56.94. The company has a debt-to-equity ratio of 126.57, a current ratio of 0.56 and a quick ratio of 0.34. The firm has a market cap of $25.54 billion and a price-to-earnings ratio of 15.28.

Fortis (TSE:FTS) last issued its quarterly earnings data on Friday, November 1st. The company reported C$0.66 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of C$0.65 by C$0.01. The business had revenue of C$2.05 billion during the quarter, compared to the consensus estimate of C$2.10 billion. As a group, research analysts anticipate that Fortis will post 2.7000002 earnings per share for the current year.

About Fortis

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.

Read More: Hedge Funds Explained

Analyst Recommendations for Fortis (TSE:FTS)

Receive News & Ratings for Fortis Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortis and related companies with MarketBeat.com's FREE daily email newsletter.