Fortis (TSE:FTS) Stock Price Expected to Rise, National Bankshares Analyst Says

Key Points

• National Bankshares increased its target price for Fortis (TSE:FTS) from C$65.00 to C$67.00, signaling a potential downside of 3.80% from the stock's previous close.
• Several other brokerages, including Royal Bank of Canada and CIBC, have also raised their target prices for Fortis, with the average target price now at C$68.82.
• Fortis shares traded up 1.3% to C$69.65 with a market capitalization of C$34.46 billion and a current debt-to-equity ratio of 142.31.

Fortis (TSE:FTS - Get Free Report) had its price target raised by stock analysts at National Bankshares from C$65.00 to C$67.00 in a research report issued to clients and investors on Tuesday,BayStreet.CA reports. The brokerage presently has a "sector perform" rating on the stock. National Bankshares' price objective indicates a potential downside of 4.16% from the stock's previous close.

Other analysts have also issued research reports about the stock. Raymond James Financial raised shares of Fortis from a "market perform" rating to an "outperform" rating in a report on Tuesday, July 22nd. TD Securities set a C$74.00 price target on shares of Fortis and gave the company a "buy" rating in a report on Friday, June 27th. Scotiabank raised their price target on shares of Fortis from C$66.00 to C$70.00 and gave the company a "sector perform" rating in a report on Thursday, May 8th. CIBC raised their price target on shares of Fortis from C$68.00 to C$69.00 and gave the company a "neutral" rating in a report on Thursday, April 24th. Finally, Jefferies Financial Group raised their price target on shares of Fortis from C$67.00 to C$70.00 in a report on Monday, April 14th. Two analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Fortis currently has an average rating of "Hold" and a consensus target price of C$68.82.

Fortis Price Performance

Shares of TSE FTS traded up C$0.07 during mid-day trading on Tuesday, hitting C$69.91. 1,124,435 shares of the stock were exchanged, compared to its average volume of 1,647,581. The company has a market cap of C$34.59 billion, a P/E ratio of 20.75, a PEG ratio of 3.01 and a beta of 0.23. The stock's fifty day simple moving average is C$65.73 and its two-hundred day simple moving average is C$65.02. The company has a debt-to-equity ratio of 142.31, a quick ratio of 0.36 and a current ratio of 0.74. Fortis has a twelve month low of C$57.98 and a twelve month high of C$70.96.

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.