UBS Group Raises Fortis (TSE:FTS) Price Target to C$63.00

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

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

Fortis Price Performance

FTS traded down C$0.19 during trading on Friday, reaching C$64.36. 1,264,825 shares of the stock were exchanged, compared to its average volume of 1,803,462. Fortis has a 1 year low of C$51.02 and a 1 year high of C$65.26. The company has a market capitalization of C$31.84 billion, a price-to-earnings ratio of 19.10, a P/E/G ratio of 3.01 and a beta of 0.23. The business's 50 day moving average price is C$62.51 and its two-hundred day moving average price is C$61.46. 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 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders 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 3.82%. Fortis's payout ratio 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.