Fortis (TSE:FTS) PT Raised to C$55.00

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Fortis (TSE:FTS) had its price objective hoisted by National Bank Financial from C$53.00 to C$55.00 in a research note published on Thursday, BayStreet.CA reports. The firm currently has a sector perform rating on the stock.

A number of other equities research analysts also recently commented on FTS. Wells Fargo & Co upped their price objective on Fortis from C$57.00 to C$59.00 in a report on Tuesday, September 3rd. CIBC upped their price objective on Fortis from C$55.00 to C$56.00 in a report on Wednesday, September 11th. JPMorgan Chase & Co. upped their price objective on Fortis from C$50.00 to C$52.00 in a report on Monday, July 15th. Raymond James reiterated a market perform rating and issued a C$55.00 price objective on shares of Fortis in a report on Tuesday, August 6th. Finally, BMO Capital Markets downgraded Fortis from an outperform rating to a market perform rating in a report on Wednesday, September 11th. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock currently has an average rating of Hold and an average target price of C$55.27.

TSE FTS opened at C$55.44 on Thursday. The stock 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 market capitalization of $24.21 billion and a PE ratio of 15.16. The company has a current ratio of 0.62, a quick ratio of 0.40 and a debt-to-equity ratio of 125.01. Fortis has a 12 month low of C$40.71 and a 12 month high of C$56.62.

Fortis (TSE:FTS) last released its quarterly earnings data on Friday, August 2nd. The company reported C$0.74 EPS for the quarter, beating analysts’ consensus estimates of C$0.58 by C$0.16. The company had revenue of C$2.44 billion during the quarter, compared to the consensus estimate of C$2.01 billion. As a group, sell-side analysts predict that Fortis will post 2.78 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Tuesday, November 19th will be paid a $0.477 dividend. This represents a $1.91 dividend on an annualized basis and a yield of 3.44%. This is a boost from Fortis’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Monday, November 18th. Fortis’s payout ratio is presently 52.24%.

Fortis Company Profile

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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Analyst Recommendations for Fortis (TSE:FTS)

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