Fortis (TSE:FTS) Given a C$70.00 Price Target at Desjardins

Desjardins set a C$70.00 price objective on Fortis (TSE:FTS) in a research note issued to investors on Tuesday morning,BayStreet.CA reports. The firm currently has a hold rating on the stock.

Other equities research analysts have also issued research reports about the stock. CIBC upped their price target 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. Scotiabank upped their target price on shares of Fortis from C$63.00 to C$66.00 and gave the company a “sector perform” rating in a report on Thursday, February 13th. Royal Bank of Canada lifted their price target on shares of Fortis from C$65.00 to C$69.00 in a research note on Tuesday, February 18th. Raymond James decreased their target price on Fortis from C$69.00 to C$62.50 and set a “market perform” rating on the stock in a report on Thursday, April 17th. Finally, Jefferies Financial Group boosted their price target on Fortis from C$67.00 to C$70.00 in a report on Monday, April 14th. Two analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to MarketBeat.com, Fortis has an average rating of “Hold” and a consensus price target of C$63.71.

Fortis Stock Performance

Shares of FTS opened at C$67.53 on Tuesday. The firm has a market capitalization of C$33.41 billion, a P/E ratio of 20.04, a PEG ratio of 3.01 and a beta of 0.23. 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 has a one year low of C$52.19 and a one year high of C$68.65. The business has a fifty day moving average of C$65.24 and a 200 day moving average of C$62.67.

Fortis Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Sunday, June 1st will be paid a $0.615 dividend. This represents a $2.46 dividend on an annualized basis and a dividend yield of 3.64%. The ex-dividend date is Friday, May 16th. Fortis’s dividend payout ratio (DPR) 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.