Fortis (TSE:FTS) Given New C$85.00 Price Target at Desjardins

Key Points

• Desjardins raised its price target on Fortis to C$85.00 from C$81.00 and kept a buy rating, implying about 3.84% upside.
• Analyst views on Fortis are mixed overall, with several firms recently changing targets and ratings; MarketBeat says the stock has a consensus rating of Moderate Buy and an average price target of C$79.68.
• Fortis shares traded down to C$81.86 on Monday, while the company also reported quarterly earnings of C$0.99 per share and revenue of C$3.40 billion.

Fortis (TSE:FTS - Get Free Report) had its price objective increased by Desjardins from C$81.00 to C$85.00 in a research report issued to clients and investors on Monday,BayStreet.CA reports. The firm currently has a "buy" rating on the stock. Desjardins' price objective would suggest a potential upside of 3.84% from the stock's current price.

Several other equities analysts have also recently issued reports on FTS. Barclays dropped their price objective on shares of Fortis from C$84.00 to C$83.00 and set an "overweight" rating on the stock in a research note on Friday, May 8th. National Bank Financial increased their price target on shares of Fortis from C$75.00 to C$82.00 and gave the stock a "sector perform" rating in a report on Monday, June 1st. Raymond James Financial raised their price objective on shares of Fortis from C$78.50 to C$80.50 and gave the company an "outperform" rating in a research report on Tuesday, April 28th. TD lifted their price objective on Fortis from C$83.00 to C$84.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Finally, Canadian Imperial Bank of Commerce downgraded Fortis from a "strong-buy" rating to a "hold" rating in a research note on Friday. Five investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of C$79.68.

Fortis Stock Performance

TSE FTS traded down C$0.56 during trading on Monday, reaching C$81.86. The company's stock had a trading volume of 505,520 shares, compared to its average volume of 1,622,859. The company has a debt-to-equity ratio of 145.23, a quick ratio of 0.36 and a current ratio of 0.49. The firm has a market cap of C$41.68 billion, a price-to-earnings ratio of 24.15, a P/E/G ratio of 3.01 and a beta of 0.41. Fortis has a twelve month low of C$65.27 and a twelve month high of C$82.87. The business's fifty day moving average price is C$79.15 and its 200-day moving average price is C$77.06.

Fortis (TSE:FTS - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported C$0.99 earnings per share for the quarter. The business had revenue of C$3.40 billion during the quarter. Fortis had a net margin of 14.75% and a return on equity of 7.51%. As a group, analysts anticipate that Fortis will post 3.3419913 EPS for the current fiscal year.

Insider Activity

In related news, insider James Reid sold 24,700 shares of the company's stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of C$79.21, for a total transaction of C$1,956,487.00. Following the transaction, the insider owned 31,283 shares of the company's stock, valued at approximately C$2,477,926.43. This represents a 44.12% decrease in their ownership of the stock. Insiders have purchased a total of 572 shares of company stock worth $45,909 over the last quarter. 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. 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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