Fortis (TSE:FTS) Stock Price Expected to Rise, UBS Group Analyst Says

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

Other equities research analysts have also issued research reports about the stock. Royal Bank of Canada increased their price objective on shares of Fortis from C$65.00 to C$69.00 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 report on Tuesday, February 18th. CIBC upped their price objective on Fortis from C$64.00 to C$65.00 in a report on Tuesday, February 18th. Scotiabank lifted their target price on 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. Finally, Jefferies Financial Group set a C$67.00 target price on Fortis and gave the stock a “hold” rating in a research report on Thursday, February 13th. Two 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 a consensus rating of “Hold” and an average price target of C$62.50.

Fortis Price Performance

Fortis stock opened at C$64.55 on Friday. Fortis has a 52 week low of C$51.02 and a 52 week high of C$65.26. The firm has a market cap of C$31.93 billion, a P/E ratio of 19.16, a P/E/G ratio of 3.01 and a beta of 0.23. The company has a debt-to-equity ratio of 142.31, a quick ratio of 0.36 and a current ratio of 0.74. The business’s fifty day moving average is C$62.51 and its two-hundred day moving average is C$61.44.

Fortis Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 16th will be given a dividend of $0.615 per share. This represents a $2.46 annualized dividend and a dividend yield of 3.81%. Fortis’s payout ratio is currently 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.