Raymond James Financial Increases Fortis (TSE:FTS) Price Target to C$72.00

Key Points

• Raymond James Financial increased the price target for Fortis from C$69.00 to C$72.00, maintaining an "outperform" rating, indicating a potential upside of 3.37% from the current stock price.
• Fortis has received various upgrades from other banks, including a price target of C$70.00 from Scotiabank and an upgrade to "strong-buy" from CIBC World Markets.
• The stock is currently trading at C$69.65, having experienced a 1.3% increase, with a market capitalization of C$34.46 billion and a P/E ratio of 20.67.

Fortis (TSE:FTS - Free Report) had its price target lifted by Raymond James Financial from C$69.00 to C$72.00 in a report published on Tuesday morning,BayStreet.CA reports. Raymond James Financial currently has an outperform rating on the stock.

Other equities research analysts have also recently issued reports about the stock. CIBC boosted their price objective on shares of Fortis from C$68.00 to C$69.00 and gave the company a "neutral" rating in a research report on Thursday, April 24th. National Bankshares boosted their price objective on shares of Fortis from C$65.00 to C$67.00 and gave the company a "sector perform" rating in a research report on Tuesday. Cibc World Mkts upgraded shares of Fortis from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 21st. TD Securities set a C$74.00 price objective on Fortis and gave the company a "buy" rating in a report on Friday, June 27th. Finally, Royal Bank Of Canada boosted their price objective on shares of Fortis from C$69.00 to C$72.00 and gave the stock a "sector perform" rating in a research note on Thursday, May 8th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of C$68.82.

Fortis Trading Up 0.1%

Shares of TSE FTS traded up C$0.07 during midday trading on Tuesday, reaching C$69.91. 1,124,435 shares of the stock were exchanged, compared to its average volume of 1,647,581. The company has a market capitalization of C$34.59 billion, a price-to-earnings ratio of 20.75, a P/E/G ratio of 3.01 and a beta of 0.23. Fortis has a 12 month low of C$57.98 and a 12 month high of C$70.96. The business has a 50-day simple moving average of C$65.73 and a two-hundred day simple moving average of C$65.02. The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36.

Fortis Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Monday, September 1st will be paid a $0.615 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $2.46 annualized dividend and a yield of 3.5%. Fortis's dividend payout ratio is presently 73.02%.

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.