TD Forecasts Strong Price Appreciation for Fortis (TSE:FTS) Stock

Key Points

• TD raised its price objective to C$84 (from C$83) and kept a "buy" rating, implying roughly a 10% upside; analyst coverage is mixed but tilted positive with a MarketBeat consensus of "Moderate Buy" and a consensus target of C$76.50.
• Shares traded at C$76.35 (down ~0.4%) with a market cap of C$38.87 billion and a P/E of 22.46, and the stock's 1‑year range is C$63.54–C$80.69.
• Fortis reported quarterly EPS of C$0.99 on C$3.40 billion of revenue, and analysts forecast about C$3.34 in earnings per share for the current fiscal year.

Fortis (TSE:FTS - Get Free Report) had its price objective hoisted by research analysts at TD from C$83.00 to C$84.00 in a report released on Thursday,BayStreet.CA reports. The firm currently has a "buy" rating on the stock. TD's price objective would indicate a potential upside of 10.02% from the stock's previous close.

Other analysts have also recently issued reports about the company. Barclays set a C$62.00 price objective on Fortis and gave the company an "overweight" rating in a research report on Tuesday, April 28th. Raymond James Financial raised their target price on Fortis from C$78.50 to C$80.50 and gave the company an "outperform" rating in a research note on Tuesday, April 28th. 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. Scotiabank upped their price target on Fortis from C$79.00 to C$80.00 and gave the stock a "sector perform" rating in a research note on Friday, February 13th. Finally, BMO Capital Markets increased their price objective on Fortis from C$74.00 to C$77.00 and gave the stock a "market perform" rating in a report on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Fortis presently has a consensus rating of "Moderate Buy" and a consensus target price of C$76.50.

Fortis Trading Down 0.4%

Shares of TSE:FTS traded down C$0.27 on Thursday, hitting C$76.35. The company had a trading volume of 323,716 shares, compared to its average volume of 1,709,893. The firm's 50-day simple moving average is C$77.97 and its two-hundred day simple moving average is C$74.33. The firm has a market capitalization of C$38.87 billion, a price-to-earnings ratio of 22.46, a P/E/G ratio of 3.01 and a beta of 0.47. 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 has a 1 year low of C$63.54 and a 1 year high of C$80.69.

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. Fortis had a net margin of 14.78% and a return on equity of 7.51%. The firm had revenue of C$3.40 billion for the quarter. Equities analysts anticipate that Fortis will post 3.3419913 earnings per share for the current fiscal year.

Insider Transactions at Fortis

In other Fortis news, insider Karen J. Gosse sold 8,412 shares of the business's stock in a transaction 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 approximately C$4,083,185.04. The trade was a 13.87% decrease in their ownership of the stock. Insiders own 0.04% of the company's stock.

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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