Fortis (TSE:FTS) Price Target Raised to C$77.00 at TD Securities

Fortis (TSE:FTS) had its target price raised by TD Securities from C$74.00 to C$77.00 in a report issued on Tuesday,BayStreet.CA reports. The brokerage currently has a buy rating on the stock.

A number of other brokerages have also issued reports on FTS. Royal Bank Of Canada lifted their price target on shares of Fortis from C$69.00 to C$72.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 8th. National Bankshares raised their price objective on shares of Fortis from C$65.00 to C$67.00 and gave the stock a “sector perform” rating in a report on Tuesday. CIBC upped their target price on shares of Fortis from C$68.00 to C$69.00 and gave the company a “neutral” rating in a research note on Thursday, April 24th. Scotiabank increased their price target on shares of Fortis from C$66.00 to C$70.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 8th. Finally, Raymond James Financial boosted their price objective on Fortis from C$69.00 to C$72.00 and gave the company an “outperform” rating in a report on Tuesday. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of C$68.82.

Fortis Stock Performance

Shares of FTS opened at C$69.84 on Tuesday. The business’s 50 day moving average is C$65.67 and its two-hundred day moving average is C$64.93. Fortis has a 52-week low of C$57.98 and a 52-week high of C$70.96. The firm has a market cap of C$34.55 billion, a price-to-earnings ratio of 20.73, a PEG ratio of 3.01 and a beta of 0.23. 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Monday, September 1st will be given a dividend of $0.615 per share. The ex-dividend date is Tuesday, August 19th. This represents a $2.46 dividend on an annualized basis and a yield of 3.5%. Fortis’s payout ratio is currently 73.02%.

About Fortis

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.