Fortis (TSE:FTS) Price Target Increased to C$56.00 by Analysts at CIBC

Fortis (TSE:FTS) had its price target upped by CIBC from C$55.00 to C$56.00 in a research note issued to investors on Wednesday morning, BayStreet.CA reports.

Several other research firms have also recently commented on FTS. CSFB raised their target price on shares of Fortis from C$50.00 to C$54.00 and gave the stock a neutral rating in a research note on Thursday, July 25th. UBS Group raised their target price on shares of Fortis from C$59.00 to C$62.00 in a research note on Friday, September 6th. Raymond James restated a market perform rating and issued a C$55.00 target price on shares of Fortis in a research note on Tuesday, August 6th. National Bank Financial raised their target price 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, August 6th. Finally, BMO Capital Markets raised their price objective on shares of Fortis from C$52.00 to C$55.00 in a research note on Monday. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of C$55.27.

Shares of FTS stock traded up C$0.08 during mid-day trading on Wednesday, hitting C$55.32. The stock had a trading volume of 1,097,673 shares, compared to its average volume of 1,097,918. Fortis has a fifty-two week low of C$40.71 and a fifty-two week high of C$56.62. The firm has a market cap of $24.12 billion and a PE ratio of 15.13. The company has a debt-to-equity ratio of 125.01, a current ratio of 0.62 and a quick ratio of 0.40. The company’s 50-day simple moving average is C$53.96 and its 200-day simple moving average is C$51.21.

Fortis (TSE:FTS) last released its earnings results on Friday, August 2nd. The company reported C$0.74 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of C$0.58 by C$0.16. The firm had revenue of C$2.44 billion during the quarter, compared to analyst estimates of C$2.01 billion. On average, analysts expect that Fortis will post 2.7699998 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Tuesday, November 19th will be paid a $0.477 dividend. This is a boost from Fortis’s previous quarterly dividend of $0.45. The ex-dividend date is Monday, November 18th. This represents a $1.91 annualized dividend and a dividend yield of 3.45%. Fortis’s dividend payout ratio (DPR) is 48.55%.

About Fortis

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.

Featured Article: What is a management fee?

Analyst Recommendations for Fortis (TSE:FTS)

Receive News & Ratings for Fortis Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortis and related companies with's FREE daily email newsletter.