Fortis (TSE:FTS) Given New C$63.00 Price Target at UBS Group

Fortis (TSE:FTS - Free Report) had its target price lifted by UBS Group from C$58.00 to C$63.00 in a research report report published on Friday,BayStreet.CA reports.

Other research analysts have also issued reports about the company. Scotiabank lifted their target price on Fortis from C$63.00 to C$66.00 and gave the stock a "sector perform" rating in a report on Thursday, February 13th. Royal Bank of Canada increased their target price on shares of Fortis from C$65.00 to C$69.00 in a research note on Tuesday, February 18th. Raymond James lifted their price target on shares of Fortis from C$61.00 to C$62.50 in a research report on Tuesday, February 18th. Jefferies Financial Group set a C$67.00 price objective on Fortis and gave the company a "hold" rating in a research report on Thursday, February 13th. Finally, CIBC boosted their target price on Fortis from C$64.00 to C$65.00 in a research report on Tuesday, February 18th. Two research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. Based on data from MarketBeat, Fortis presently has an average rating of "Hold" and an average price target of C$62.50.

Fortis Price Performance

Shares of Fortis stock traded down C$0.36 on Friday, hitting C$64.00. The company had a trading volume of 333,216 shares, compared to its average volume of 1,778,283. Fortis has a 52 week low of C$51.02 and a 52 week high of C$65.26. The company has a market cap of C$31.66 billion, a PE ratio of 19.00, a PEG ratio of 3.01 and a beta of 0.23. The business has a 50-day simple moving average of C$62.62 and a 200-day simple moving average of C$61.50. The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36.

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Fortis Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 16th will be paid a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 3.84%. Fortis's dividend payout ratio (DPR) is currently 73.02%.

Fortis Company Profile

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.