Fortis (TSE:FTS) Given New C$64.00 Price Target at CIBC

Fortis (TSE:FTS) had its price objective increased by CIBC from C$63.00 to C$64.00 in a research report released on Wednesday morning,BayStreet.CA reports. They currently have a neutral rating on the stock.

Several other equities analysts have also recently issued reports on the company. Bank of America set a C$60.00 price target on Fortis and gave the company an “underperform” rating in a research report on Friday, September 20th. Royal Bank of Canada boosted their price target on shares of Fortis from C$62.00 to C$65.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 3rd. UBS Group raised shares of Fortis to a “strong sell” rating in a research note on Tuesday, September 10th. Finally, Raymond James lowered shares of Fortis from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 6th. Three research analysts have rated the stock with a sell rating and six have given a hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of C$60.89.

Fortis Stock Up 0.5 %

Fortis stock opened at C$60.36 on Wednesday. The company’s 50-day moving average price is C$61.09 and its two-hundred day moving average price is C$59.17. The stock has a market cap of C$29.89 billion, a price-to-earnings ratio of 18.92, a PEG ratio of 3.01 and a beta of 0.23. Fortis has a 52 week low of C$51.02 and a 52 week high of C$63.75. The company has a current ratio of 0.69, a quick ratio of 0.36 and a debt-to-equity ratio of 128.59.

Fortis Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Sunday, December 1st were given a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 5.50%. The ex-dividend date of this dividend was Monday, November 18th. This is a boost from Fortis’s previous quarterly dividend of $0.59. Fortis’s dividend payout ratio (DPR) is 77.12%.

Insider Activity at Fortis

In other news, Senior Officer Jocelyn Perry sold 11,809 shares of the business’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of C$63.19, for a total transaction of C$746,178.83. Also, Director Gary Joseph Smith sold 21,716 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of C$61.45, for a total value of C$1,334,543.75. 0.04% of the stock is owned by insiders.

About Fortis

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona’s Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.