Jefferies Financial Group Increases Fortis (TSE:FTS) Price Target to C$70.00

Fortis (TSE:FTS) had its price objective hoisted by Jefferies Financial Group from C$67.00 to C$70.00 in a research report report published on Monday,BayStreet.CA reports.

Other research analysts have also issued research reports about the stock. CIBC upped their price target on shares of Fortis from C$65.00 to C$68.00 in a research note on Friday, April 4th. Scotiabank lifted their price target on Fortis from C$63.00 to C$66.00 and gave the stock a “sector perform” rating in a report on Thursday, February 13th. Royal Bank of Canada increased their price objective on Fortis from C$65.00 to C$69.00 in a research report on Tuesday, February 18th. Raymond James upped their price target on shares of Fortis from C$61.00 to C$62.50 in a research note on Tuesday, February 18th. Finally, UBS Group lifted their price objective on shares of Fortis from C$58.00 to C$63.00 in a research note on Friday, March 21st. Two research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of C$63.05.

Fortis Trading Down 0.1 %

FTS stock opened at C$66.07 on Monday. Fortis has a one year low of C$51.16 and a one year high of C$67.52. The stock has a market cap of C$32.69 billion, a price-to-earnings ratio of 19.61, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23. The company has a fifty day moving average price of C$63.98 and a two-hundred day moving average price of C$62.02. The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36.

Fortis Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 16th will be issued a $0.615 dividend. This represents a $2.46 dividend on an annualized basis and a dividend yield of 3.72%. Fortis’s dividend payout ratio is presently 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.