Fortis (TSE:FTS) Price Target Raised to C$63.00

Fortis (TSE:FTS) had its price objective boosted by UBS Group from C$58.00 to C$63.00 in a report released on Friday,BayStreet.CA reports.

Several other equities analysts have also issued reports on the company. Royal Bank of Canada boosted their price objective on Fortis from C$65.00 to C$69.00 in a research report on Tuesday, February 18th. Scotiabank upped their price target on shares of Fortis from C$63.00 to C$66.00 and gave the company a “sector perform” rating in a report on Thursday, February 13th. Raymond James increased their price objective on shares of Fortis from C$61.00 to C$62.50 in a research report on Tuesday, February 18th. CIBC boosted their price objective on shares of Fortis from C$64.00 to C$65.00 in a research report on Tuesday, February 18th. Finally, Jefferies Financial Group set a C$67.00 target price on shares of Fortis and gave the stock a “hold” rating in a research note on Thursday, February 13th. Two investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of C$62.50.

Fortis Stock Performance

FTS stock opened at C$64.55 on Friday. Fortis has a 1-year low of C$51.02 and a 1-year high of C$65.26. 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 firm has a market cap of C$31.93 billion, a PE ratio of 19.16, a P/E/G ratio of 3.01 and a beta of 0.23. The business’s 50-day moving average price is C$62.51 and its two-hundred day moving average price is C$61.46.

Fortis Announces Dividend

The company also recently announced 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 yield of 3.81%. Fortis’s payout ratio is 73.02%.

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.