Barclays Cuts Fortis (TSE:FTS) Price Target to C$76.00

Fortis (TSE:FTS) had its price objective decreased by Barclays from C$82.00 to C$76.00 in a research report released on Wednesday morning,BayStreet reports. Barclays currently has an overweight rating on the stock.

Other analysts have also recently issued reports about the company. Canadian Imperial Bank of Commerce reduced their price objective on Fortis from C$82.00 to C$78.00 in a research note on Tuesday, September 22nd. Desjardins upped their price target on Fortis from C$81.00 to C$85.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Five research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of C$79.23.

Fortis Price Performance

Shares of FTS opened at C$75.31 on Wednesday. Fortis has a fifty-two week low of C$69.06 and a fifty-two week high of C$83.75. The firm’s 50 day moving average price is C$77.07 and its 200 day moving average price is C$78.15. The company has a market cap of C$38.48 billion, a P/E ratio of 22.15, a PEG ratio of 3.01 and a beta of 0.34. The company has a quick ratio of 0.36, a current ratio of 0.56 and a debt-to-equity ratio of 143.60.

Fortis (TSE:FTS) last released its earnings results on Friday, July 31st. The company reported C$0.78 earnings per share (EPS) for the quarter. The company had revenue of C$2.93 billion for the quarter. Fortis had a net margin of 14.72% and a return on equity of 7.43%. On average, research analysts forecast that Fortis will post 3.3419913 earnings per share for the current fiscal year.

Fortis Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Tuesday, September 1st were issued a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date was Wednesday, August 19th. Fortis’s dividend payout ratio (DPR) is presently 74.56%.

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