Fortis (TSE:FTS) Price Target Raised to C$79.00

Fortis (TSE:FTS) had its price objective hoisted by Scotiabank from C$74.00 to C$79.00 in a research report report published on Tuesday,BayStreet.CA reports.

Several other research analysts have also recently weighed in on FTS. Royal Bank Of Canada increased their price target on shares of Fortis from C$72.00 to C$79.00 in a report on Wednesday, November 5th. Raymond James Financial upped their target price on Fortis from C$72.00 to C$75.50 and gave the company an “outperform” rating in a research report on Friday, October 24th. CIBC lifted their price target on Fortis from C$74.00 to C$75.00 in a report on Wednesday, November 5th. BMO Capital Markets boosted their price target on Fortis from C$72.00 to C$74.00 in a research note on Wednesday, November 5th. Finally, Desjardins upped their price objective on Fortis from C$76.00 to C$79.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Fortis currently has an average rating of “Moderate Buy” and an average target price of C$74.85.

Fortis Trading Down 0.4%

Shares of Fortis stock opened at C$70.88 on Tuesday. The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36. The business has a fifty day simple moving average of C$71.77 and a two-hundred day simple moving average of C$68.85. Fortis has a 1 year low of C$57.98 and a 1 year high of C$74.00. The company has a market capitalization of C$35.82 billion, a price-to-earnings ratio of 21.10, a P/E/G ratio of 3.01 and a beta of 0.30.

Fortis (TSE:FTS) last issued its quarterly earnings data on Tuesday, November 4th. The company reported C$0.87 earnings per share for the quarter. The company had revenue of C$2.94 billion for the quarter. Fortis had a net margin of 14.53% and a return on equity of 7.48%. Research analysts forecast that Fortis will post 3.3419913 EPS for the current year.

Fortis Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Monday, December 1st were issued a dividend of $0.64 per share. This is an increase from Fortis’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend was Monday, November 17th. This represents a $2.56 annualized dividend and a dividend yield of 3.6%. Fortis’s payout ratio is currently 73.21%.

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.