Fortis (TSE:FTS) Given New C$59.00 Price Target at Royal Bank of Canada

Fortis (TSE:FTS) had its price target boosted by Royal Bank of Canada from C$56.00 to C$59.00 in a report released on Wednesday, BayStreet.CA reports.

A number of other research analysts have also recently commented on the stock. National Bank Financial increased their price target on shares of Fortis from C$52.00 to C$53.00 and gave the company a sector perform rating in a research report on Tuesday, August 6th. CSFB increased their price target on shares of Fortis from C$50.00 to C$54.00 and gave the company a neutral rating in a research report on Thursday, July 25th. BMO Capital Markets increased their price target on shares of Fortis from C$50.00 to C$52.00 in a research report on Wednesday, June 26th. CIBC increased their price target on shares of Fortis from C$52.00 to C$55.00 in a research report on Tuesday, July 23rd. Finally, Raymond James reiterated a market perform rating and set a C$55.00 price target on shares of Fortis in a research report on Tuesday, August 6th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of C$54.00.

FTS stock opened at C$54.03 on Wednesday. The company has a current ratio of 0.62, a quick ratio of 0.40 and a debt-to-equity ratio of 125.01. The company’s 50 day moving average is C$52.80 and its 200 day moving average is C$50.45. The stock has a market cap of $23.59 billion and a price-to-earnings ratio of 14.78. Fortis has a 1-year low of C$40.71 and a 1-year high of C$54.85.

The firm also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Sunday, September 1st will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date is Monday, August 19th. Fortis’s payout ratio is currently 48.55%.

About Fortis

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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