Fortis (TSE:FTS) Price Target Raised to C$52.00 at JPMorgan Chase & Co.

Fortis (TSE:FTS) had its target price hoisted by JPMorgan Chase & Co. from C$50.00 to C$52.00 in a research note issued to investors on Monday morning, BayStreet.CA reports.

Several other brokerages have also issued reports on FTS. BMO Capital Markets reaffirmed a buy rating on shares of Gran Tierra Energy in a report on Wednesday, June 26th. UBS Group lifted their price target on shares of Fortis from C$54.00 to C$55.00 in a report on Wednesday, March 20th. Raymond James reaffirmed a buy rating and set a $21.00 price target on shares of Colfax in a report on Thursday, May 2nd. CIBC lowered shares of TransAlta Renewables from a neutral rating to an underperform rating and lifted their price target for the company from C$13.00 to C$13.50 in a report on Wednesday, April 3rd. Finally, Royal Bank of Canada set a $42.00 price target on shares of Devon Energy and gave the company a hold rating in a report on Thursday, May 2nd. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock has a consensus rating of Buy and an average price target of C$51.78.

FTS stock opened at C$51.88 on Monday. The company has a current ratio of 0.70, a quick ratio of 0.37 and a debt-to-equity ratio of 133.75. Fortis has a 12 month low of C$40.71 and a 12 month high of C$52.95. The company has a market cap of $22.36 billion and a price-to-earnings ratio of 20.34. The firm has a 50-day moving average price of C$51.96.

Fortis (TSE:FTS) last announced its quarterly earnings results on Wednesday, May 1st. The company reported C$0.74 earnings per share (EPS) for the quarter, missing the consensus estimate of C$0.75 by C($0.01). The company had revenue of C$2.44 billion for the quarter, compared to the consensus estimate of C$2.29 billion. As a group, equities research analysts forecast that Fortis will post 2.77 EPS for the current fiscal year.

Fortis Company Profile

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.

Further Reading: What is the Bid-Ask Spread?

Analyst Recommendations for Fortis (TSE:FTS)

Receive News & Ratings for Fortis Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortis and related companies with MarketBeat.com's FREE daily email newsletter.