Canadian Imperial Bank of Commerce Cuts Fortis (TSE:FTS) Price Target to C$78.00

Fortis (TSE:FTS) had its price target cut by Canadian Imperial Bank of Commerce from C$82.00 to C$78.00 in a research note issued to investors on Tuesday,BayStreet reports.

A number of other research firms have also commented on FTS. Desjardins boosted their price objective on Fortis from C$81.00 to C$85.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. National Bank Financial raised their target price on Fortis from C$75.00 to C$82.00 and gave the company a “sector perform” rating in a research note on Monday, June 1st. Five analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of C$79.86.

Fortis Price Performance

Shares of Fortis stock opened at C$75.04 on Tuesday. The company has a current ratio of 0.56, a quick ratio of 0.36 and a debt-to-equity ratio of 143.60. The stock has a market capitalization of C$38.34 billion, a price-to-earnings ratio of 22.07, a P/E/G ratio of 3.01 and a beta of 0.34. Fortis has a 1-year low of C$68.71 and a 1-year high of C$83.75. The firm’s 50-day moving average price is C$77.91 and its two-hundred day moving average price is C$78.30.

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

Fortis Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Tuesday, September 1st were given a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 3.4%. The ex-dividend date was Wednesday, August 19th. Fortis’s payout ratio is 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.