TD Securities Reiterates “C$74.00” Price Target for Fortis (TSE:FTS)

TD Securities set a C$74.00 price target on Fortis (TSE:FTS) in a research note published on Friday morning,BayStreet.CA reports. The brokerage currently has a buy rating on the stock.

FTS has been the topic of a number of other reports. Jefferies Financial Group raised their target price on shares of Fortis from C$67.00 to C$70.00 in a research report on Monday, April 14th. CIBC raised their price objective on shares of Fortis from C$68.00 to C$69.00 and gave the stock a “neutral” rating in a research report on Thursday, April 24th. Scotiabank upped their target price on shares of Fortis from C$66.00 to C$70.00 and gave the company a “sector perform” rating in a report on Thursday, May 8th. Royal Bank Of Canada raised their price target on Fortis from C$69.00 to C$72.00 and gave the stock a “sector perform” rating in a report on Thursday, May 8th. Finally, Raymond James Financial dropped their price target on Fortis from C$69.00 to C$62.50 and set a “market perform” rating on the stock in a research report on Thursday, April 17th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Fortis currently has an average rating of “Hold” and a consensus target price of C$65.14.

Fortis Trading Up 0.6%

TSE:FTS opened at C$64.64 on Friday. The company has a market capitalization of C$31.98 billion, a PE ratio of 19.19, a P/E/G ratio of 3.01 and a beta of 0.23. Fortis has a 52-week low of C$52.68 and a 52-week high of C$69.24. The stock’s 50 day moving average price is C$66.10 and its 200 day moving average price is C$63.69. 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 was paid on Sunday, June 1st. Shareholders of record on Sunday, June 1st were given a dividend of $0.615 per share. This represents a $2.46 annualized dividend and a yield of 3.81%. The ex-dividend date was Friday, May 16th. Fortis’s payout ratio is 73.02%.

About Fortis

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.