Fortis (TSE:FTS) Stock Price Expected to Rise, TD Securities Analyst Says

Key Points

• TD Securities raised its price target for Fortis from C$74.00 to C$77.00, indicating a potential upside of 10.55% from the company's previous close.
• Fortis currently holds a consensus rating of "Hold" with an average target price of C$68.82, with ratings ranging from sell to strong buy from various analysts.
• As of Tuesday, Fortis stock was trading at C$69.65, showing a recent increase, and has a market capitalization of C$34.46 billion.

Fortis (TSE:FTS - Free Report) had its price target hoisted by TD Securities from C$74.00 to C$77.00 in a report published on Tuesday,BayStreet.CA reports. The firm currently has a buy rating on the stock.

A number of other research firms have also commented on FTS. Desjardins upgraded shares of Fortis from a "hold" rating to a "moderate buy" rating and upped their price target for the company from C$71.00 to C$76.00 in a report on Tuesday. Royal Bank Of Canada boosted their price objective on shares of Fortis from C$69.00 to C$72.00 and gave the company a "sector perform" rating in a research report on Thursday, May 8th. Jefferies Financial Group boosted their price objective on shares of Fortis from C$67.00 to C$70.00 in a research report on Monday, April 14th. Raymond James Financial boosted their price objective on shares of Fortis from C$69.00 to C$72.00 and gave the company an "outperform" rating in a research report on Tuesday. Finally, 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. Two analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of C$68.82.

Fortis Trading Up 0.1%

TSE:FTS traded up C$0.07 during midday trading on Tuesday, reaching C$69.91. 1,124,435 shares of the stock traded hands, compared to its average volume of 1,647,581. The company has a fifty day moving average of C$65.73 and a 200 day moving average of C$65.02. Fortis has a 12 month low of C$57.98 and a 12 month high of C$70.96. The company has a debt-to-equity ratio of 142.31, a quick ratio of 0.36 and a current ratio of 0.74. The stock has a market capitalization of C$34.59 billion, a P/E ratio of 20.75, a PEG ratio of 3.01 and a beta of 0.23.

Fortis Announces Dividend

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