Fortis (TSE:FTS) Price Target Raised to C$64.00

Fortis (TSE:FTS - Free Report) had its price target hoisted by CIBC from C$63.00 to C$64.00 in a report issued on Wednesday morning,BayStreet.CA reports. They currently have a neutral rating on the stock.

Other equities analysts have also issued reports about the company. UBS Group upgraded Fortis to a "strong sell" rating in a report on Tuesday, September 10th. Raymond James lowered shares of Fortis from an "outperform" rating to a "market perform" rating in a research report on Wednesday, November 6th. Bank of America set a C$60.00 price target on shares of Fortis and gave the company an "underperform" rating in a research report on Friday, September 20th. Finally, Royal Bank of Canada lifted their price target on Fortis from C$62.00 to C$65.00 and gave the company a "sector perform" rating in a report on Thursday, October 3rd. Three equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of C$60.89.

Fortis Price Performance

TSE:FTS traded up C$0.33 during trading hours on Wednesday, reaching C$60.36. 783,813 shares of the company's stock were exchanged, compared to its average volume of 778,512. Fortis has a 12 month low of C$51.02 and a 12 month high of C$63.75. The company has a market capitalization of C$29.89 billion, a P/E ratio of 18.92, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23. The company has a quick ratio of 0.36, a current ratio of 0.69 and a debt-to-equity ratio of 128.59. The business's 50-day simple moving average is C$61.09 and its two-hundred day simple moving average is C$59.12.

Fortis Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Sunday, December 1st were paid a $0.83 dividend. The ex-dividend date was Monday, November 18th. This represents a $3.32 annualized dividend and a dividend yield of 5.50%. This is an increase from Fortis's previous quarterly dividend of $0.59. Fortis's dividend payout ratio is currently 77.12%.

Insider Buying and Selling

In other news, Senior Officer Keri Linda Glitch purchased 450 shares of the business's stock in a transaction that occurred on Friday, November 8th. The shares were acquired at an average cost of C$61.41 per share, for a total transaction of C$27,634.59. Following the completion of the acquisition, the insider now owns 450 shares in the company, valued at C$27,634.59. This trade represents a ∞ increase in their ownership of the stock. Also, Senior Officer Jocelyn Perry sold 11,809 shares of the company's stock in a transaction 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. 0.04% of the stock is owned by insiders.

Fortis Company Profile

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.