Fortis (TSE:FTS) Price Target Raised to C$65.00

Fortis (TSE:FTS) had its target price lifted by CIBC from C$64.00 to C$65.00 in a report released on Tuesday,BayStreet.CA reports.

Other analysts have also recently issued research reports about the stock. Royal Bank of Canada increased their price target on shares of Fortis from C$65.00 to C$69.00 in a research report on Tuesday. Raymond James increased their target price on shares of Fortis from C$61.00 to C$62.50 in a report on Tuesday. Jefferies Financial Group set a C$67.00 price target on shares of Fortis and gave the stock a “hold” rating in a research note on Thursday, February 13th. Finally, Scotiabank increased their price objective on Fortis from C$63.00 to C$66.00 and gave the company a “sector perform” rating in a research note on Thursday, February 13th. Two research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of C$62.45.

Fortis Price Performance

Fortis stock opened at C$62.05 on Tuesday. The company has a current ratio of 0.74, a quick ratio of 0.36 and a debt-to-equity ratio of 142.31. The stock has a market cap of C$30.70 billion, a P/E ratio of 18.42, a PEG ratio of 3.01 and a beta of 0.23. The company has a 50-day moving average price of C$60.79 and a 200 day moving average price of C$60.70. Fortis has a 12-month low of C$51.02 and a 12-month high of C$64.39.

Fortis Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 16th will be issued a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 3.96%. Fortis’s dividend payout ratio is currently 73.02%.

Insider Activity at Fortis

In related news, Senior Officer Jocelyn Perry sold 11,809 shares of Fortis stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of C$63.19, for a total value of C$746,178.83. 0.04% of the stock is currently owned by 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.