CIBC Boosts Fortis (TSE:FTS) Price Target to C$64.00

Fortis (TSE:FTS) had its price target raised by CIBC from C$63.00 to C$64.00 in a report released on Wednesday,BayStreet.CA reports. CIBC currently has a neutral rating on the stock.

FTS has been the subject of several other research reports. Raymond James lowered shares of Fortis from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th. Royal Bank of Canada boosted their price target on Fortis from C$62.00 to C$65.00 and gave the company a “sector perform” rating in a research note on Thursday, October 3rd. UBS Group upgraded Fortis to a “strong sell” rating in a research report on Tuesday, September 10th. Finally, Bank of America set a C$60.00 target price on shares of Fortis and gave the company an “underperform” rating in a research note on Friday, September 20th. Three research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of C$60.89.

Fortis Stock Up 0.5 %

Shares of FTS stock opened at C$60.36 on Wednesday. The stock has a fifty day moving average price of C$61.09 and a 200 day moving average price of C$59.17. The stock has a market cap of C$29.89 billion, a P/E ratio of 18.92, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23. Fortis has a one year low of C$51.02 and a one year high of C$63.75. The company has a debt-to-equity ratio of 128.59, a current ratio of 0.69 and a quick ratio of 0.36.

Fortis Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Investors of record on Sunday, December 1st were issued a $0.83 dividend. This is a boost from Fortis’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Monday, November 18th. This represents a $3.32 annualized dividend and a yield of 5.50%. Fortis’s dividend payout ratio (DPR) is currently 77.12%.

Insider Buying and Selling

In other news, Senior Officer Jocelyn Perry sold 11,809 shares of the business’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of C$63.19, for a total transaction of C$746,178.83. Also, Senior Officer Keri Linda Glitch purchased 450 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was purchased at an average price of C$61.41 per share, for a total transaction of C$27,634.59. Following the completion of the transaction, the insider now directly owns 450 shares in the company, valued at C$27,634.59. This trade represents a ? increase in their ownership of the stock. Corporate insiders own 0.04% of the company’s stock.

Fortis Company Profile

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.