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

Fortis (TSE:FTS) had its price target increased by equities research analysts at CIBC from C$63.00 to C$64.00 in a note issued to investors on Wednesday,BayStreet.CA reports. The brokerage currently has a “neutral” rating on the stock. CIBC’s price target would suggest a potential upside of 6.22% from the stock’s current price.

FTS has been the subject of several other research reports. Bank of America set a C$60.00 target price on shares of Fortis and gave the company an “underperform” rating in a research note on Friday, September 20th. UBS Group raised Fortis to a “strong sell” rating in a research note on Tuesday, September 10th. 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. Finally, Raymond James downgraded Fortis from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 6th. Three research analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to MarketBeat, Fortis has a consensus rating of “Hold” and a consensus target price of C$60.89.

Fortis Price Performance

Fortis 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 PEG ratio of 3.01 and a beta of 0.23. The business has a 50-day moving average of C$61.09 and a 200-day moving average of 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. Fortis has a 1 year low of C$51.02 and a 1 year high of C$63.75.

Insider Activity at Fortis

In other news, Senior Officer Jocelyn Perry sold 11,809 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of C$63.19, for a total value of C$746,178.83. Also, Director Gary Joseph Smith sold 21,716 shares of Fortis stock in a transaction dated Friday, November 8th. The shares were 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.

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.