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

Fortis (TSE:FTS) had its price objective lifted by Desjardins from C$76.00 to C$79.00 in a research report report published on Wednesday,BayStreet.CA reports. Desjardins currently has a buy rating on the stock.

FTS has been the topic of a number of other research reports. Cibc World Mkts raised Fortis from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 21st. Raymond James Financial raised their target price on shares of Fortis from C$69.00 to C$72.00 and gave the stock an “outperform” rating in a report on Tuesday, August 5th. TD Securities lifted their price target on shares of Fortis from C$74.00 to C$77.00 and gave the company a “buy” rating in a research note on Tuesday, August 5th. Scotiabank increased their price objective on shares of Fortis from C$70.00 to C$73.00 and gave the stock a “sector perform” rating in a research report on Monday, October 6th. Finally, CIBC boosted their price objective on shares of Fortis from C$72.00 to C$74.00 in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of C$72.50.

Fortis Trading Down 0.4%

FTS stock opened at C$71.96 on Wednesday. The business has a fifty day moving average price of C$69.66 and a 200 day moving average price of C$67.38. 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 has a fifty-two week low of C$57.98 and a fifty-two week high of C$73.43. The stock has a market capitalization of C$36.24 billion, a price-to-earnings ratio of 21.16, a P/E/G ratio of 3.01 and a beta of 0.28.

Fortis Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Monday, September 1st were given a $0.615 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $2.46 annualized dividend and a dividend yield of 3.4%. Fortis’s payout ratio is presently 71.62%.

Fortis Company Profile

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.