Raymond James reaffirmed their market perform rating on shares of Fortis (TSE:FTS) in a research report released on Thursday morning, BayStreet.CA reports. Raymond James currently has a C$55.00 target price on the stock.
FTS has been the subject of several other research reports. CSFB boosted their price objective on Fortis from C$50.00 to C$54.00 and gave the company a neutral rating in a report on Thursday, July 25th. BMO Capital Markets cut Fortis from an outperform rating to a market perform rating in a report on Wednesday, September 11th. JPMorgan Chase & Co. lifted their price target on shares of Fortis from C$50.00 to C$52.00 in a research report on Monday, July 15th. TD Securities boosted their price target on shares of Fortis from C$50.00 to C$53.00 and gave the company a hold rating in a research note on Tuesday, August 6th. Finally, Royal Bank of Canada boosted their price target on shares of Fortis from C$56.00 to C$59.00 in a research note on Wednesday, August 21st. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Fortis currently has a consensus rating of Hold and an average price target of C$55.27.
Shares of Fortis stock opened at C$55.44 on Thursday. Fortis has a one year low of C$40.71 and a one year high of C$56.62. The firm has a market capitalization of $24.21 billion and a price-to-earnings ratio of 15.16. The business has a 50-day simple moving average of C$54.04 and a 200 day simple moving average of C$51.26. The company has a debt-to-equity ratio of 125.01, a current ratio of 0.62 and a quick ratio of 0.40.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Tuesday, November 19th will be issued a dividend of $0.477 per share. This is a positive change from Fortis’s previous quarterly dividend of $0.45. This represents a $1.91 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date is Monday, November 18th. Fortis’s payout ratio is currently 52.24%.
Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.
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