Fortis (TSE:FTS) Price Target Raised to C$63.00 at UBS Group

Fortis (TSE:FTS) had its price target lifted by UBS Group from C$58.00 to C$63.00 in a report published on Friday,BayStreet.CA reports.

A number of other brokerages have also recently issued reports on FTS. Scotiabank lifted their price objective on shares of Fortis from C$63.00 to C$66.00 and gave the company a “sector perform” rating in a research note on Thursday, February 13th. Jefferies Financial Group set a C$67.00 target price on Fortis and gave the company a “hold” rating in a research report on Thursday, February 13th. CIBC increased their target price on shares of Fortis from C$64.00 to C$65.00 in a report on Tuesday, February 18th. Raymond James raised their price target on shares of Fortis from C$61.00 to C$62.50 in a research note on Tuesday, February 18th. Finally, Royal Bank of Canada upped their price target on shares of Fortis from C$65.00 to C$69.00 in a report on Tuesday, February 18th. Two investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of C$62.50.

Fortis Trading Down 0.3 %

Shares of Fortis stock opened at C$64.55 on Friday. 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 12-month low of C$51.02 and a 12-month high of C$65.26. The company has a market capitalization of C$31.93 billion, a price-to-earnings ratio of 19.16, a PEG ratio of 3.01 and a beta of 0.23. The firm’s 50-day moving average price is C$62.51 and its two-hundred day moving average price is C$61.46.

Fortis Dividend Announcement

The company also recently announced 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 3.81%. Fortis’s payout ratio is 73.02%.

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.