Fortis (TSE:FTS) PT Raised to C$59.00

Posted by on Apr 23rd, 2023

Fortis (TSE:FTS – Get Rating) had its target price hoisted by stock analysts at CIBC from C$57.00 to C$59.00 in a research note issued on Friday, BayStreet.CA reports. CIBC’s price target indicates a potential downside of 1.37% from the company’s previous close.

FTS has been the subject of several other reports. CSFB raised their price objective on shares of Fortis from C$61.00 to C$62.00 in a report on Wednesday, March 15th. UBS Group decreased their price target on Fortis from C$53.00 to C$51.00 in a research note on Monday, March 6th. Scotiabank upped their price objective on Fortis from C$57.00 to C$58.00 in a research note on Monday, January 23rd. National Bankshares increased their target price on Fortis from C$55.00 to C$56.00 and gave the stock a “sector perform” rating in a report on Monday, February 13th. Finally, Bank of America boosted their price target on Fortis from C$51.00 to C$52.00 in a report on Friday, March 24th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of C$57.96.

Fortis Trading Up 0.5 %

TSE:FTS opened at C$59.82 on Friday. The stock has a market cap of C$28.97 billion, a price-to-earnings ratio of 21.52, a price-to-earnings-growth ratio of 3.10 and a beta of 0.16. Fortis has a one year low of C$48.45 and a one year high of C$65.26. The company has a debt-to-equity ratio of 127.16, a quick ratio of 0.36 and a current ratio of 0.64. The business’s 50-day simple moving average is C$56.59 and its 200 day simple moving average is C$54.82.

Fortis (TSE:FTS – Get Rating) last announced its earnings results on Friday, February 10th. The company reported C$0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$0.70 by C$0.02. The company had revenue of C$3.17 billion for the quarter, compared to analyst estimates of C$2.75 billion. Fortis had a return on equity of 6.92% and a net margin of 12.62%. As a group, sell-side analysts predict that Fortis will post 2.9281849 earnings per share for the current fiscal year.

About Fortis

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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 438,000 retail customers in southeastern Arizona; and 100,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,485 megawatts (MW), including 53 MW of solar capacity and 252 MV of wind capacity.

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