Fortis (TSE:FTS) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Fortis (TSE:FTS) had its price objective hoisted by Royal Bank of Canada from C$65.00 to C$69.00 in a research report released on Tuesday morning,BayStreet.CA reports.

Other equities analysts have also issued reports about the company. Scotiabank increased their price objective on Fortis from C$63.00 to C$66.00 and gave the stock a “sector perform” rating in a report on Thursday, February 13th. CIBC increased their price target on Fortis from C$63.00 to C$64.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 8th. Jefferies Financial Group set a C$67.00 price objective on shares of Fortis and gave the company a “hold” rating in a research note on Thursday, February 13th. Finally, Raymond James lowered shares of Fortis from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th. Two equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of C$62.45.

Fortis Trading Down 0.7 %

Fortis stock opened at C$62.05 on Tuesday. The firm has a 50-day moving average price of C$60.79 and a two-hundred day moving average price of C$60.70. Fortis has a 52-week low of C$51.02 and a 52-week high of C$64.39. The firm has a market capitalization of C$30.70 billion, a price-to-earnings ratio of 18.42, a PEG ratio of 3.01 and a beta of 0.23. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 16th will be paid a $0.615 dividend. This represents a $2.46 annualized dividend and a dividend yield of 3.96%. Fortis’s dividend payout ratio is currently 73.02%.

Insider Activity at Fortis

In other Fortis news, Senior Officer Jocelyn Perry sold 11,809 shares of Fortis stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of C$63.19, for a total value of C$746,178.83. Company insiders own 0.04% of the company’s stock.

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.