CIBC Trims Fortis (TSE:FTS) Target Price to C$56.00

Fortis (TSE:FTS) had its target price cut by CIBC from C$59.00 to C$56.00 in a report issued on Friday, BayStreet.CA reports. The brokerage currently has a “neutral” rating on the stock. CIBC’s target price would suggest a potential upside of 6.20% from the stock’s current price.

A number of other equities research analysts have also weighed in on FTS. JPMorgan Chase & Co. lowered their price objective on Fortis from C$53.00 to C$50.00 and set an “underweight” rating for the company in a research note on Monday, January 22nd. National Bankshares raised their price objective on Fortis from C$52.00 to C$55.00 and gave the company a “sector perform” rating in a research note on Tuesday, January 30th. Bank of America increased their target price on Fortis from C$49.00 to C$50.00 in a report on Tuesday, January 16th. BMO Capital Markets reduced their target price on Fortis from C$58.50 to C$58.00 and set a “market perform” rating on the stock in a report on Monday, February 12th. Finally, Scotiabank increased their target price on Fortis from C$57.00 to C$60.00 and gave the stock a “sector perform” rating in a report on Wednesday, January 24th. One analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, Fortis has an average rating of “Hold” and a consensus price target of C$57.31.

Fortis Stock Up 0.7 %

Shares of FTS stock traded up C$0.35 during trading hours on Friday, reaching C$52.73. The company had a trading volume of 320,756 shares, compared to its average volume of 1,518,421. Fortis has a twelve month low of C$49.82 and a twelve month high of C$62.00. The stock’s fifty day simple moving average is C$53.02 and its 200 day simple moving average is C$54.13. The company has a debt-to-equity ratio of 128.76, a quick ratio of 0.36 and a current ratio of 0.68. The company has a market capitalization of C$26.00 billion, a P/E ratio of 17.06, a price-to-earnings-growth ratio of 2.80 and a beta of 0.17.

Fortis (TSE:FTS) last issued its quarterly earnings data on Friday, February 9th. The company reported C$0.72 earnings per share for the quarter, meeting analysts’ consensus estimates of C$0.72. Fortis had a return on equity of 7.41% and a net margin of 13.66%. The firm had revenue of C$2.89 billion during the quarter, compared to analyst estimates of C$3.22 billion. As a group, sell-side analysts expect that Fortis will post 3.2119367 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Brian Slocum purchased 1,888 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The shares were acquired at an average price of C$39.18 per share, with a total value of C$73,971.65. In other Fortis news, Director Margarita Dilley bought 960 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were purchased at an average price of C$38.57 per share, with a total value of C$37,027.20. Also, Director Brian Slocum bought 1,888 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were acquired at an average cost of C$39.18 per share, for a total transaction of C$73,971.65. In the last 90 days, insiders have purchased 2,851 shares of company stock valued at $111,115. Insiders own 0.04% of the company’s stock.

Fortis Company Profile

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.