Raymond James Financial Issues Positive Forecast for Fortis (TSE:FTS) Stock Price

Key Points

• Raymond James raised its price target for Fortis (TSE:FTS) from C$78.50 to C$80.50 and maintained an outperform rating, implying roughly a 4.23% upside from the current share price.
• Analysts have a consensus rating of Moderate Buy with a consensus price target of C$77.95, based on 1 Strong Buy, 4 Buy and 4 Hold recommendations.
• Insider Karen J. Gosse sold 8,412 shares at an average of C$78.18 (≈C$657,650), reducing her holdings to 52,228 shares; Fortis was trading at C$77.23 with a market cap of C$39.32 billion.

Fortis (TSE:FTS - Get Free Report) had its price objective hoisted by stock analysts at Raymond James Financial from C$78.50 to C$80.50 in a report issued on Tuesday,BayStreet.CA reports. The brokerage presently has an "outperform" rating on the stock. Raymond James Financial's target price points to a potential upside of 4.23% from the stock's current price.

A number of other equities analysts have also recently issued reports on the company. Jefferies Financial Group cut their price objective on Fortis from C$72.00 to C$70.00 in a report on Wednesday, January 28th. Barclays set a C$84.00 price target on Fortis and gave the stock an "overweight" rating in a research note on Tuesday. BMO Capital Markets upped their price target on Fortis from C$74.00 to C$77.00 and gave the company a "market perform" rating in a research report on Friday, February 13th. Scotiabank lifted 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. Finally, Royal Bank Of Canada 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. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of C$77.95.

Fortis Price Performance

Shares of FTS stock traded up C$0.43 on Tuesday, reaching C$77.23. The company's stock had a trading volume of 614,012 shares, compared to its average volume of 1,695,574. The stock's 50 day simple moving average is C$77.98 and its 200-day simple moving average is C$74.14. Fortis has a 12-month low of C$63.54 and a 12-month high of C$80.69. The company has a market capitalization of C$39.32 billion, a P/E ratio of 22.71, a PEG ratio of 3.01 and a beta of 0.45. The company has a quick ratio of 0.36, a current ratio of 0.51 and a debt-to-equity ratio of 145.62.

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

Insider Activity at Fortis

In other news, insider Karen J. Gosse sold 8,412 shares of the business's stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of C$78.18, for a total value of C$657,650.16. Following the sale, the insider directly owned 52,228 shares of the company's stock, valued at C$4,083,185.04. The trade was a 13.87% decrease in their position. 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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