Fortis (TSE:FTS) Price Target Raised to C$69.00

Fortis (TSE:FTS) had its target price lifted by Royal Bank of Canada from C$65.00 to C$69.00 in a research note released on Tuesday,BayStreet.CA reports.

Several other equities analysts have also commented on the company. CIBC boosted their price target on Fortis from C$63.00 to C$64.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 8th. Jefferies Financial Group set a C$67.00 target price on shares of Fortis and gave the stock a “hold” rating in a research report on Thursday, February 13th. Raymond James lowered shares of Fortis from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 6th. Finally, Scotiabank lifted their price target on shares of Fortis from C$63.00 to C$66.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 13th. Two investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to MarketBeat.com, Fortis presently has an average rating of “Hold” and a consensus price target of C$62.45.

Fortis Trading Down 0.7 %

Shares of FTS opened at C$62.05 on Tuesday. Fortis has a 12 month low of C$51.02 and a 12 month high of C$64.39. The stock’s 50-day moving average is C$60.79 and its two-hundred day moving average is C$60.70. 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 stock has a market cap of C$30.70 billion, a PE ratio of 18.42, a P/E/G ratio of 3.01 and a beta of 0.23.

Fortis Dividend Announcement

The business 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 $0.615 dividend. This represents a $2.46 annualized dividend and a yield of 3.96%. Fortis’s dividend payout ratio is presently 73.02%.

Insiders Place Their Bets

In other Fortis news, Senior Officer Jocelyn Perry sold 11,809 shares of the stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of C$63.19, for a total transaction of C$746,178.83. 0.04% of the stock is owned by company insiders.

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.