Jefferies Financial Group set a C$67.00 price objective on Fortis (TSE:FTS - Free Report) in a research report sent to investors on Thursday,BayStreet.CA reports. The brokerage currently has a hold rating on the stock.
Several other research firms have also recently weighed in on FTS. CIBC upped their price objective on Fortis from C$63.00 to C$64.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 8th. Raymond James lowered shares of Fortis from an "outperform" rating to a "market perform" rating in a research report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of C$61.80.
Read Our Latest Stock Analysis on FTS
Fortis Stock Up 1.2 %
Shares of TSE:FTS traded up C$0.75 during midday trading on Thursday, reaching C$63.64. 4,062,612 shares of the company were exchanged, compared to its average volume of 1,627,242. The firm has a market cap of C$31.48 billion, a PE ratio of 18.89, a P/E/G ratio of 3.01 and a beta of 0.23. Fortis has a fifty-two week low of C$51.02 and a fifty-two week high of C$64.39. The stock has a fifty day simple moving average of C$60.72 and a two-hundred day simple moving average of C$60.56. The company has a quick ratio of 0.36, a current ratio of 0.74 and a debt-to-equity ratio of 142.31.
Fortis Announces Dividend
The firm 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 dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 3.87%. Fortis's payout ratio is presently 73.02%.
Insider Activity at Fortis
In related news, Senior Officer Jocelyn Perry sold 11,809 shares of Fortis stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of C$63.19, for a total transaction of C$746,178.83. 0.04% of the stock is owned by company insiders.
About Fortis
(
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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.
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