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

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

A number of other brokerages also recently weighed in on FTS. Jefferies Financial Group set a C$67.00 price objective on Fortis and gave the company a “hold” rating in a research report on Thursday, February 13th. Raymond James cut Fortis from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 6th. CIBC raised their price objective on Fortis from C$63.00 to C$64.00 and gave the company a “neutral” rating in a report on Wednesday, January 8th. Finally, Scotiabank raised their price objective on Fortis from C$63.00 to C$66.00 and gave the company a “sector perform” rating in a report on Thursday, February 13th. Two investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of C$62.45.

Fortis Trading Down 2.0 %

TSE:FTS traded down C$1.29 during midday trading on Tuesday, hitting C$61.74. 817,304 shares of the company traded hands, compared to its average volume of 1,601,330. The firm’s fifty day moving average is C$60.75 and its 200-day moving average is C$60.62. The firm has a market capitalization of C$30.54 billion, a P/E ratio of 18.33, a P/E/G ratio of 3.01 and a beta of 0.23. The company has a current ratio of 0.74, a quick ratio of 0.36 and a debt-to-equity ratio of 142.31. Fortis has a 12-month low of C$51.02 and a 12-month high of C$64.39.

Insider Transactions at Fortis

In related news, Senior Officer Jocelyn Perry sold 11,809 shares of Fortis stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of C$63.19, for a total transaction of C$746,178.83. Corporate insiders own 0.04% of the company’s stock.

About Fortis

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.