Canadian Imperial Bank of Commerce Cuts Hydro One (TSE:H) Price Target to C$56.00

Hydro One (TSE:H) had its price target trimmed by Canadian Imperial Bank of Commerce from C$59.00 to C$56.00 in a report issued on Tuesday,BayStreet reports.

Several other equities research analysts have also issued reports on the stock. National Bank Financial increased their price objective on shares of Hydro One from C$56.00 to C$61.00 and gave the stock a “sector perform” rating in a research report on Monday, June 1st. Barclays reduced their target price on shares of Hydro One from C$63.00 to C$61.00 in a report on Thursday, August 13th. Royal Bank Of Canada upped their price target on shares of Hydro One from C$58.00 to C$60.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 13th. Finally, Jefferies Financial Group downgraded Hydro One from a “hold” rating to a “moderate sell” rating in a report on Monday, June 1st. One research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of C$57.27.

Hydro One Stock Performance

TSE H opened at C$50.95 on Tuesday. The firm has a market capitalization of C$30.57 billion, a P/E ratio of 21.59, a P/E/G ratio of 3.17 and a beta of 0.23. Hydro One has a 1-year low of C$48.90 and a 1-year high of C$60.57. The company has a debt-to-equity ratio of 154.61, a current ratio of 0.88 and a quick ratio of 0.30. The business’s 50-day simple moving average is C$55.00 and its 200-day simple moving average is C$57.00.

Hydro One (TSE:H) last posted its earnings results on Wednesday, August 12th. The company reported C$0.62 earnings per share (EPS) for the quarter. Hydro One had a net margin of 14.87% and a return on equity of 11.08%. The firm had revenue of C$1.23 billion during the quarter. Equities analysts predict that Hydro One will post 2.0572195 EPS for the current year.

Hydro One Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 29th will be issued a $0.3531 dividend. The ex-dividend date of this dividend is Wednesday, September 9th. This represents a $1.41 dividend on an annualized basis and a yield of 2.8%. Hydro One’s dividend payout ratio is currently 57.31%.

About Hydro One

Hydro One operates regulated transmission and distribution assets in Ontario. The area’s largest electricity provider serves nearly 1.5 million customers. Transmission accounts for roughly 60% of the company’s rate base, with distribution accounting for the remainder. Hydro One operates a small telecom business, Acronym Solutions, with annual revenue contributing less than 1% to consolidated results. The province of Ontario holds an approximate 47% common equity stake.