Canadian Imperial Bank of Commerce Issues Pessimistic Forecast for Hydro One (TSE:H) Stock Price

Key Points

• Canadian Imperial Bank of Commerce lowered Hydro One’s price target from C$59 to C$56, implying approximately 8.61% upside from the stock’s current price.
• Analyst sentiment remains cautious: Hydro One has a consensus “Hold” rating and an average target price of C$57.27, based on one Buy, seven Hold, and one Sell rating.
• Hydro One shares traded at C$51.56, below their 50-day and 200-day moving averages. The company reported quarterly EPS of C$0.62 and revenue of C$1.23 billion.

Hydro One (TSE:H - Get Free Report) had its price objective decreased by stock analysts at Canadian Imperial Bank of Commerce from C$59.00 to C$56.00 in a note issued to investors on Tuesday, BayStreet reports. Canadian Imperial Bank of Commerce's price objective indicates a potential upside of 8.61% from the company's current price.

Other research analysts have also issued reports about the company. Royal Bank Of Canada raised their price target on Hydro One from C$58.00 to C$60.00 and gave the stock a "sector perform" rating in a research report on Thursday, August 13th. Barclays cut their target price on Hydro One from C$63.00 to C$61.00 in a research note on Thursday, August 13th. National Bank Financial raised their target price on Hydro One from C$56.00 to C$61.00 and gave the stock a "sector perform" rating in a report on Monday, June 1st. Finally, Jefferies Financial Group lowered Hydro One from a "hold" rating to a "moderate sell" rating in a research report on Monday, June 1st. One research analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Hydro One has a consensus rating of "Hold" and an average target price of C$57.27.

Hydro One Price Performance

H traded up C$0.31 during trading on Tuesday, hitting C$51.56. The company's stock had a trading volume of 301,652 shares, compared to its average volume of 1,352,684. The firm's 50 day moving average price is C$55.45 and its two-hundred day moving average price is C$57.15. The company has a quick ratio of 0.30, a current ratio of 0.88 and a debt-to-equity ratio of 154.61. Hydro One has a 12 month low of C$48.62 and a 12 month high of C$60.57. The stock has a market capitalization of C$30.94 billion, a price-to-earnings ratio of 21.85, a price-to-earnings-growth ratio of 3.17 and a beta of 0.23.

Hydro One (TSE:H - Get Free Report) last announced its earnings results on Wednesday, August 12th. The company reported C$0.62 earnings per share (EPS) for the quarter. Hydro One had a net margin of 14.87% and a return on equity of 11.08%. The company had revenue of C$1.23 billion for the quarter. Sell-side analysts forecast that Hydro One will post 2.0572195 earnings per share for the current fiscal year.

About Hydro One

Hydro One operates regulated transmission and distribution assets in Ontario. The area's largest electricity provider serves nearly 1.5 million customers. Transmission accounts for roughly 60% of the company's rate base, with distribution accounting for the remainder. Hydro One operates a small telecom business, Acronym Solutions, with annual revenue contributing less than 1% to consolidated results. The province of Ontario holds an approximate 47% common equity stake.

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