Fortis (TSE:FTS) Stock Price Expected to Rise, CIBC Analyst Says

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

Several other research firms have also weighed in on FTS. Raymond James lifted their price target on Fortis from C$61.00 to C$62.50 in a research report on Tuesday. Jefferies Financial Group set a C$67.00 price target on Fortis and gave the company a “hold” rating in a research report on Thursday, February 13th. Scotiabank lifted their price target on 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. Finally, Royal Bank of Canada lifted their price objective on Fortis from C$65.00 to C$69.00 in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of C$62.45.

Fortis Trading Down 2.7 %

TSE FTS opened at C$61.89 on Tuesday. 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 twelve month low of C$51.02 and a twelve month high of C$64.39. The firm has a market capitalization of C$30.62 billion, a PE ratio of 18.37, a P/E/G ratio of 3.01 and a beta of 0.23. The stock’s 50 day moving average is C$60.75 and its 200 day moving average is C$60.62.

Fortis Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 16th will be paid a $0.615 dividend. This represents a $2.46 annualized dividend and a dividend yield of 3.97%. Fortis’s dividend payout ratio is currently 73.02%.

Insider Transactions at Fortis

In other news, Senior Officer Jocelyn Perry sold 11,809 shares of the business’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of C$63.19, for a total value of C$746,178.83. Company insiders own 0.04% of the company’s stock.

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.