Fortis (TSE:FTS) Price Target Raised to C$76.00

Fortis (TSE:FTS) had its target price hoisted by CIBC from C$75.00 to C$76.00 in a research report sent to investors on Wednesday morning,BayStreet.CA reports.

Other research analysts have also issued reports about the stock. Raymond James Financial increased their price target on shares of Fortis from C$72.00 to C$75.50 and gave the stock an “outperform” rating in a research note on Friday, October 24th. Scotiabank upped their price objective on shares of Fortis from C$74.00 to C$79.00 in a report on Tuesday. Desjardins raised their target price on shares of Fortis from C$76.00 to C$79.00 and gave the company a “buy” rating in a research note on Wednesday, October 22nd. Royal Bank Of Canada lifted their target price on shares of Fortis from C$72.00 to C$79.00 in a report on Wednesday, November 5th. Finally, Jefferies Financial Group boosted their price target on Fortis from C$70.00 to C$72.00 in a research report on Monday, September 15th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of C$74.85.

Fortis Trading Down 1.1%

FTS opened at C$70.10 on Wednesday. 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 has a 52 week low of C$57.98 and a 52 week high of C$74.00. The stock has a market cap of C$35.43 billion, a PE ratio of 20.86, a PEG ratio of 3.01 and a beta of 0.30. The business has a 50 day moving average of C$71.74 and a 200-day moving average of C$68.87.

Fortis (TSE:FTS) last issued its quarterly earnings results 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 return on equity of 7.48% and a net margin of 14.53%. Equities research analysts predict that Fortis will post 3.3419913 earnings per share for the current fiscal year.

Fortis Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Monday, December 1st were issued a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Monday, November 17th. This is an increase from Fortis’s previous quarterly dividend of $0.62. Fortis’s dividend payout ratio (DPR) is presently 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. states, with more than 16,000 miles of high-voltage transmission lines in operation serving a peak load in excess of 23 gigawatts.