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

Fortis (TSE:FTS) had its price target lifted by CIBC from C$65.00 to C$68.00 in a research report released on Friday morning,BayStreet.CA reports.

A number of other brokerages have also recently issued reports on FTS. Scotiabank increased their price objective on shares of Fortis from C$63.00 to C$66.00 and gave the company a “sector perform” rating in a research note on Thursday, February 13th. Royal Bank of Canada raised their price target on shares of Fortis from C$65.00 to C$69.00 in a research note on Tuesday, February 18th. Raymond James lifted their price objective on Fortis from C$61.00 to C$62.50 in a report on Tuesday, February 18th. UBS Group increased their target price on Fortis from C$58.00 to C$63.00 in a report on Friday, March 21st. Finally, Jefferies Financial Group set a C$67.00 price target on Fortis and gave the company a “hold” rating in a research note on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of C$62.77.

Fortis Stock Performance

FTS opened at C$65.71 on Friday. The stock’s 50 day simple moving average is C$63.51 and its 200-day simple moving average is C$61.82. 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 stock has a market cap of C$32.51 billion, a PE ratio of 19.50, a P/E/G ratio of 3.01 and a beta of 0.23. Fortis has a 1 year low of C$51.02 and a 1 year high of C$67.52.

Fortis Announces Dividend

The firm also recently declared 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 3.74%. Fortis’s dividend payout ratio is 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.