Fortis (TSE:FTS) Price Target Raised to C$59.00

Fortis (TSE:FTS) had its target price hoisted by CIBC from C$57.00 to C$59.00 in a research note published on Thursday morning, BayStreet.CA reports. They currently have a neutral rating on the stock.

Other analysts have also issued research reports about the company. Scotiabank cut their price objective on Fortis from C$60.00 to C$56.00 and set a sector perform rating on the stock in a research report on Monday, April 22nd. Raymond James increased their price target on Fortis from C$59.00 to C$61.00 and gave the company an outperform rating in a research report on Thursday. BMO Capital Markets boosted their price objective on Fortis from C$58.50 to C$59.00 in a research report on Thursday. Wells Fargo & Company increased their price objective on shares of Fortis from C$56.00 to C$59.00 in a research report on Wednesday, May 8th. Finally, JPMorgan Chase & Co. increased their price target on shares of Fortis from C$52.00 to C$53.00 in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Fortis has a consensus rating of Hold and an average price target of C$58.17.

Fortis Stock Performance

TSE FTS opened at C$59.01 on Thursday. The company has a debt-to-equity ratio of 128.89, a current ratio of 0.60 and a quick ratio of 0.36. The company has a market cap of C$29.09 billion, a P/E ratio of 18.85, a P/E/G ratio of 2.80 and a beta of 0.18. The stock has a 50-day moving average of C$54.55 and a two-hundred day moving average of C$53.95. Fortis has a 1-year low of C$49.82 and a 1-year high of C$59.15.

Fortis Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Tuesday, August 20th will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $2.36 annualized dividend and a yield of 4.00%. Fortis’s payout ratio is currently 75.40%.

Insider Activity

In other news, Senior Officer James Reid purchased 700 shares of the stock in a transaction that occurred on Wednesday, June 19th. The shares were acquired at an average price of C$52.37 per share, for a total transaction of C$36,659.00. Insiders own 0.04% of the company’s stock.

About Fortis

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.