Fortis (TSE:FTS) Price Target Raised to C$75.50

Fortis (TSE:FTS) had its price target boosted by Raymond James Financial from C$72.00 to C$75.50 in a research note published on Friday,BayStreet.CA reports. They currently have an outperform rating on the stock.

Other equities research analysts have also issued research reports about the stock. TD Securities boosted their price target on shares of Fortis from C$74.00 to C$77.00 and gave the company a “buy” rating in a report on Tuesday, August 5th. National Bankshares boosted their price target on shares of Fortis from C$65.00 to C$67.00 and gave the company a “sector perform” rating in a report on Tuesday, August 5th. Scotiabank boosted their price target on shares of Fortis from C$70.00 to C$73.00 and gave the company a “sector perform” rating in a report on Monday, October 6th. Cibc World Mkts upgraded shares of Fortis from a “hold” rating to a “strong-buy” rating in a report on Monday, July 21st. Finally, Desjardins boosted their price target on shares of Fortis from C$76.00 to C$79.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of C$72.50.

Fortis Price Performance

Fortis stock opened at C$71.96 on Friday. The stock has a market cap of C$36.24 billion, a price-to-earnings ratio of 21.16, a price-to-earnings-growth ratio of 3.01 and a beta of 0.28. The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36. Fortis has a 1 year low of C$57.98 and a 1 year high of C$73.43. The firm has a 50-day moving average of C$69.66 and a two-hundred day moving average of C$67.44.

Fortis Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Monday, September 1st were issued a $0.615 dividend. This represents a $2.46 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Fortis’s payout ratio is currently 71.62%.

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.