Fortis (TSE:FTS) Price Target Raised to C$72.00 at Jefferies Financial Group

Fortis (TSE:FTS) had its price target lifted by Jefferies Financial Group from C$70.00 to C$72.00 in a research note issued to investors on Monday,BayStreet.CA reports.

FTS has been the subject of a number of other reports. TD Securities lifted their price target on shares of Fortis from C$74.00 to C$77.00 and gave the company a “buy” rating in a research report on Tuesday, August 5th. Cibc World Mkts raised Fortis from a “hold” rating to a “strong-buy” rating in a report on Monday, July 21st. Raymond James Financial upped their target price on Fortis from C$69.00 to C$72.00 and gave the company an “outperform” rating in a research report on Tuesday, August 5th. Desjardins raised Fortis from a “hold” rating to a “moderate buy” rating and increased their target price for the stock from C$71.00 to C$76.00 in a report on Tuesday, August 5th. Finally, National Bankshares boosted their price target on Fortis from C$65.00 to C$67.00 and gave the company a “sector perform” rating in a research note on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Fortis presently has an average rating of “Hold” and a consensus target price of C$69.80.

Fortis Price Performance

Shares of Fortis stock opened at C$68.02 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. The stock has a market capitalization of C$34.25 billion, a price-to-earnings ratio of 20.01, a price-to-earnings-growth ratio of 3.01 and a beta of 0.38. Fortis has a twelve month low of C$57.98 and a twelve month high of C$71.02. The company has a 50-day simple moving average of C$67.84 and a two-hundred day simple moving average of C$66.25.

Fortis Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Monday, September 1st were given a dividend of $0.615 per share. This represents a $2.46 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Tuesday, August 19th. Fortis’s dividend payout ratio is currently 71.62%.

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.