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

Fortis (TSE:FTS) had its price objective boosted by CIBC from C$64.00 to C$65.00 in a report released on Tuesday morning,BayStreet.CA reports.

Other equities analysts also recently issued research reports about the company. Scotiabank raised their price target on Fortis from C$63.00 to C$66.00 and gave the stock a “sector perform” rating in a research report on Thursday, February 13th. Royal Bank of Canada boosted their target price on shares of Fortis from C$65.00 to C$69.00 in a research note on Tuesday. Raymond James upped their target price on shares of Fortis from C$61.00 to C$62.50 in a report on Tuesday. Finally, Jefferies Financial Group set a C$67.00 price target on shares of Fortis and gave the stock a “hold” rating in a report on Thursday, February 13th. Two research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. Based on data from MarketBeat, Fortis has an average rating of “Hold” and an average price target of C$62.45.

Fortis Stock Down 0.7 %

Shares of TSE FTS opened at C$62.05 on Tuesday. The firm’s 50-day moving average is C$60.79 and its two-hundred day moving average is C$60.70. The company has a market capitalization of C$30.70 billion, a PE ratio of 18.42, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23. Fortis has a 12-month low of C$51.02 and a 12-month high of C$64.39. 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 Announces Dividend

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

Insider Buying and Selling at Fortis

In other news, Senior Officer Jocelyn Perry sold 11,809 shares of Fortis stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of C$63.19, for a total value of C$746,178.83. 0.04% of the stock is owned by company insiders.

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.