Fortis (TSE:FTS) Given New C$70.00 Price Target at Jefferies Financial Group

Fortis (TSE:FTS) had its price target lifted by Jefferies Financial Group from C$67.00 to C$70.00 in a research note released on Monday,BayStreet.CA reports.

Several other analysts have also recently commented on FTS. UBS Group lifted their price objective on shares of Fortis from C$58.00 to C$63.00 in a research note on Friday, March 21st. Scotiabank boosted their target price on shares of Fortis from C$63.00 to C$66.00 and gave the company a “sector perform” rating in a research report on Thursday, February 13th. Royal Bank of Canada increased their price target on Fortis from C$65.00 to C$69.00 in a research report on Tuesday, February 18th. CIBC boosted their price objective on Fortis from C$65.00 to C$68.00 in a report on Friday, April 4th. Finally, Raymond James raised their target price on Fortis from C$61.00 to C$62.50 in a report on Tuesday, February 18th. Two investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of C$63.05.

Fortis Trading Up 1.8 %

Shares of TSE:FTS opened at C$65.79 on Monday. The company has a quick ratio of 0.36, a current ratio of 0.74 and a debt-to-equity ratio of 142.31. Fortis has a 52-week low of C$51.02 and a 52-week high of C$67.52. The stock has a market cap of C$32.55 billion, a price-to-earnings ratio of 19.53, a PEG ratio of 3.01 and a beta of 0.23. The business has a 50-day moving average price of C$63.83 and a 200-day moving average price of C$61.95.

Fortis Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 16th will be paid a $0.615 dividend. This represents a $2.46 dividend on an annualized basis and a yield of 3.74%. Fortis’s dividend payout ratio (DPR) is 73.02%.

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.