Fortis (TSE:FTS) Price Target Raised to C$80.00

Fortis (TSE:FTS) had its target price raised by Scotiabank from C$79.00 to C$80.00 in a research report sent to investors on Friday morning,BayStreet.CA reports. They currently have a sector perform rating on the stock.

Other equities analysts also recently issued reports about the stock. Raymond James Financial upped their price target on shares of Fortis from C$72.00 to C$75.50 and gave the company an “outperform” rating in a report on Friday, October 24th. Jefferies Financial Group cut their target price on Fortis from C$72.00 to C$70.00 in a research note on Wednesday, January 28th. Royal Bank Of Canada increased their price target on Fortis from C$72.00 to C$79.00 in a report on Wednesday, November 5th. BMO Capital Markets raised their price target on Fortis from C$72.00 to C$74.00 in a research note on Wednesday, November 5th. Finally, National Bank Financial upped their price objective on Fortis from C$68.00 to C$72.00 and gave the company a “sector perform” rating in a research report on Wednesday, December 17th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of C$75.65.

Fortis Stock Performance

TSE:FTS opened at C$77.42 on Friday. The firm has a market capitalization of C$39.28 billion, a PE ratio of 22.77, a PEG ratio of 3.01 and a beta of 0.35. The stock’s fifty day moving average is C$71.89 and its 200 day moving average is C$70.94. Fortis has a fifty-two week low of C$60.94 and a fifty-two week high of C$77.59. The company has a debt-to-equity ratio of 142.31, a quick ratio of 0.36 and a current ratio of 0.74.

Fortis (TSE:FTS) last posted its quarterly earnings data on Thursday, February 12th. The company reported C$0.90 EPS for the quarter. Fortis had a net margin of 14.53% and a return on equity of 7.48%. The company had revenue of C$3.08 billion during the quarter. On average, sell-side analysts anticipate that Fortis will post 3.3419913 earnings per share for the current year.

Fortis Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, March 1st. Shareholders of record on Sunday, March 1st will be issued a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a yield of 3.3%. The ex-dividend date is Tuesday, February 17th. Fortis’s dividend payout ratio (DPR) is presently 73.09%.

More Fortis News

Here are the key news stories impacting Fortis this week:

• Positive Sentiment: Q4 earnings beat — Fortis reported C$0.90 EPS and C$3.08B revenue; commentary pointed to strong regulated utility growth and asset expansion. Fortis beats Q4 earnings expectations
• Positive Sentiment: Quarterly dividend declared — C$0.64 per share (annualized yield ~3.3%); ex-dividend date Feb 17, record date Mar 1. Income investors may favor the stock on the payout stability.
• Positive Sentiment: Desjardins raised its target to C$81 and kept a “buy” rating (largest upside among recent raises). BayStreet.CA
• Positive Sentiment: Raymond James raised its target to C$78.50 and kept an “outperform” rating, signaling continued bullish analyst view. BayStreet.CA TickerReport
• Neutral Sentiment: RBC and Scotiabank raised targets to C$80 (both keep “sector perform”) — modest upside but not full upgrades. BayStreet.CA
• Negative Sentiment: BMO lifted its target to C$77 and maintains a “market perform” rating — the target sits slightly below the recent price, implying limited upside/neutral-to-slightly-negative near term. BayStreet.CA

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. states, with more than 16,000 miles of high-voltage transmission lines in operation serving a peak load in excess of 23 gigawatts.