Fortis (TSE:FTS) Given New C$69.00 Price Target at Royal Bank of Canada

Fortis (TSE:FTS) had its price objective raised by investment analysts at Royal Bank of Canada from C$65.00 to C$69.00 in a research report issued on Tuesday,BayStreet.CA reports. Royal Bank of Canada’s price objective would indicate a potential upside of 11.76% from the company’s previous close.

Several other analysts also recently weighed in on the company. CIBC boosted their target price on Fortis from C$63.00 to C$64.00 and gave the company a “neutral” rating in a report on Wednesday, January 8th. Raymond James downgraded Fortis from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 6th. Scotiabank upped their price objective on Fortis from C$63.00 to C$66.00 and gave the company a “sector perform” rating in a research note on Thursday, February 13th. Finally, Jefferies Financial Group set a C$67.00 target price on Fortis and gave the stock a “hold” rating in a research note on Thursday, February 13th. Two research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. Based on data from MarketBeat, Fortis currently has an average rating of “Hold” and an average target price of C$62.45.

Fortis Stock Down 2.0 %

Shares of TSE:FTS traded down C$1.29 on Tuesday, hitting C$61.74. 817,304 shares of the company’s stock were exchanged, compared to its average volume of 1,601,330. The firm’s 50-day moving average is C$60.75 and its 200 day moving average is C$60.62. The company has a market capitalization of C$30.54 billion, a PE ratio of 18.33, a P/E/G ratio of 3.01 and a beta of 0.23. Fortis has a 1-year low of C$51.02 and a 1-year high of C$64.39. The company has a debt-to-equity ratio of 142.31, a quick ratio of 0.36 and a current ratio of 0.74.

Insider Buying and Selling

In related news, Senior Officer Jocelyn Perry sold 11,809 shares of the stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of C$63.19, for a total transaction of C$746,178.83. 0.04% of the stock is currently owned by company insiders.

Fortis Company Profile

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.