CIBC Issues Positive Forecast for Fortis (TSE:FTS) Stock Price

Fortis (TSE:FTS) had its price objective raised by CIBC from C$72.00 to C$74.00 in a report published on Tuesday,BayStreet.CA reports.

FTS has been the topic of a number of other reports. Raymond James Financial raised their price objective on Fortis from C$69.00 to C$72.00 and gave the company an “outperform” rating in a research note on Tuesday, August 5th. Cibc World Mkts raised Fortis from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 21st. Jefferies Financial Group raised their price objective on Fortis from C$70.00 to C$72.00 in a research note on Monday, September 15th. Desjardins raised Fortis from a “hold” rating to a “moderate buy” rating and raised their price objective for the company from C$71.00 to C$76.00 in a research note on Tuesday, August 5th. Finally, TD Securities raised their price objective on Fortis from C$74.00 to C$77.00 and gave the company a “buy” rating in a research note on Tuesday, August 5th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of C$71.78.

Fortis Stock Down 0.0%

Shares of Fortis stock opened at C$72.42 on Tuesday. The stock has a 50-day simple moving average of C$69.52 and a 200-day simple moving average of C$67.23. The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36. Fortis has a 52-week low of C$57.98 and a 52-week high of C$72.95. The firm has a market cap of C$36.47 billion, a price-to-earnings ratio of 21.30, a P/E/G ratio of 3.01 and a beta of 0.28.

Fortis Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Monday, September 1st were given a dividend of $0.615 per share. The ex-dividend date was Tuesday, August 19th. This represents a $2.46 dividend on an annualized basis and a dividend yield of 3.4%. Fortis’s payout ratio is currently 71.62%.

About Fortis

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.