Fortis (TSE:FTS) Given a C$84.00 Price Target at Barclays

Key Points

• Barclays set a C$84.00 price target and an "overweight" rating on Fortis, implying about an 8.77% upside from the stock's recent price.
• MarketBeat shows a consensus of "Moderate Buy" (one Strong Buy, four Buy, four Hold) with a consensus target of C$77.95, while several analysts recently raised targets into the C$78–81 range and Jefferies cut its target to C$70.
• Fortis is trading around C$77.23 with a market cap of C$39.32B and a PE of 22.71; in the latest quarter it reported C$0.90 EPS on C$3.08B revenue, and an insider sold 8,412 shares reducing their stake by 13.87%.

Fortis (TSE:FTS - Get Free Report) received a C$84.00 price target from research analysts at Barclays in a report issued on Tuesday, Marketbeat.com reports. The firm currently has an "overweight" rating on the stock. Barclays's price objective would suggest a potential upside of 8.77% from the stock's current price.

Several other equities analysts have also recently issued reports on the company. Scotiabank lifted their price target on Fortis from C$79.00 to C$80.00 and gave the company a "sector perform" rating in a research report on Friday, February 13th. Desjardins lifted their price target on Fortis from C$79.00 to C$81.00 and gave the company a "buy" rating in a research report on Friday, February 13th. Royal Bank Of Canada upped their price target on shares of Fortis from C$79.00 to C$80.00 and gave the company a "sector perform" rating in a report on Friday, February 13th. Raymond James Financial upped their price target on shares of Fortis from C$75.50 to C$78.50 and gave the company an "outperform" rating in a report on Friday, February 13th. Finally, Jefferies Financial Group reduced their price objective on shares of Fortis from C$72.00 to C$70.00 in a research report on Wednesday, January 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of C$77.95.

Fortis Price Performance

Shares of TSE:FTS traded up C$0.43 during trading on Tuesday, reaching C$77.23. The company had a trading volume of 614,012 shares, compared to its average volume of 1,695,574. The firm's fifty day moving average is C$77.98 and its 200 day moving average is C$74.14. The firm has a market capitalization of C$39.32 billion, a PE ratio of 22.71, a price-to-earnings-growth ratio of 3.01 and a beta of 0.45. Fortis has a twelve month low of C$63.54 and a twelve month high of C$80.69. The company has a debt-to-equity ratio of 145.62, a quick ratio of 0.36 and a current ratio of 0.51.

Fortis (TSE:FTS - Get Free Report) last issued its quarterly earnings results on Thursday, February 12th. The company reported C$0.90 earnings per share for the quarter. The company had revenue of C$3.08 billion during the quarter. Fortis had a net margin of 14.78% and a return on equity of 7.51%. On average, equities analysts forecast that Fortis will post 3.3419913 EPS for the current year.

Insider Activity at Fortis

In other news, insider Karen J. Gosse sold 8,412 shares of the company's stock in a transaction on Monday, February 23rd. The stock was sold at an average price of C$78.18, for a total transaction of C$657,650.16. Following the completion of the sale, the insider directly owned 52,228 shares of the company's stock, valued at C$4,083,185.04. This represents a 13.87% decrease in their ownership of the stock. 0.04% of the stock is currently owned by corporate 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. states, with more than 16,000 miles of high-voltage transmission lines in operation serving a peak load in excess of 23 gigawatts.

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