Raymond James reissued their market perform rating on shares of Fortis (TSE:FTS) in a research note released on Tuesday morning, BayStreet.CA reports. The firm currently has a C$55.00 price objective on the stock.
A number of other research firms also recently weighed in on FTS. National Bank Financial increased their price target on shares of Fortis from C$52.00 to C$53.00 and gave the stock a sector perform rating in a research note on Tuesday. CSFB raised their target price on shares of Fortis from C$50.00 to C$54.00 and gave the company a neutral rating in a research note on Thursday, July 25th. JPMorgan Chase & Co. raised their target price on shares of Fortis from C$50.00 to C$52.00 in a research note on Monday, July 15th. Royal Bank of Canada raised their target price on shares of Fortis from C$53.00 to C$56.00 and gave the company an outperform rating in a research note on Thursday, May 2nd. Finally, BMO Capital Markets raised their target price on shares of Fortis from C$50.00 to C$52.00 in a research note on Wednesday, June 26th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of C$53.70.
Shares of FTS opened at C$53.87 on Tuesday. The company has a quick ratio of 0.40, a current ratio of 0.62 and a debt-to-equity ratio of 125.01. The stock has a market capitalization of $23.53 billion and a P/E ratio of 14.73. Fortis has a 1 year low of C$40.71 and a 1 year high of C$54.07. The firm’s 50 day moving average price is C$52.21.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Sunday, September 1st will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date of this dividend is Monday, August 19th. Fortis’s dividend payout ratio is presently 48.55%.
Fortis Company Profile
Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.
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