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

Fortis (TSE:FTS) had its price target reduced by Scotiabank from C$60.00 to C$56.00 in a research report report published on Monday, BayStreet.CA reports. They currently have a sector perform rating on the stock.

FTS has been the topic of a number of other research reports. Bank of America lifted their target price on shares of Fortis from C$49.00 to C$50.00 in a research note on Tuesday, January 16th. JPMorgan Chase & Co. reduced their price target on shares of Fortis from C$53.00 to C$50.00 and set an underweight rating on the stock in a report on Monday, January 22nd. BMO Capital Markets reduced their price target on shares of 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. CIBC reduced their price target on shares of Fortis from C$59.00 to C$56.00 and set a neutral rating on the stock in a report on Friday, April 19th. Finally, National Bankshares lifted their price target on shares of Fortis from C$52.00 to C$55.00 and gave the company a sector perform rating in a report on Tuesday, January 30th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Fortis has a consensus rating of Hold and an average price target of C$56.77.

Fortis Stock Up 0.1 %

FTS opened at C$53.72 on Monday. The company has a debt-to-equity ratio of 128.76, a quick ratio of 0.36 and a current ratio of 0.68. Fortis has a fifty-two week low of C$49.82 and a fifty-two week high of C$62.00. The firm’s fifty day moving average is C$53.10 and its 200 day moving average is C$54.18. The stock has a market cap of C$26.48 billion, a price-to-earnings ratio of 17.33, a price-to-earnings-growth ratio of 2.80 and a beta of 0.17.

Fortis (TSE:FTS) last released its earnings results 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 net margin of 13.66% and a return on equity of 7.41%. The company had revenue of C$2.89 billion for the quarter, compared to analysts’ expectations of C$3.22 billion. On average, sell-side analysts forecast that Fortis will post 3.2119367 earnings per share for the current fiscal year.

Fortis Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Friday, May 17th will be issued a $0.59 dividend. The ex-dividend date is Thursday, May 16th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.39%. Fortis’s dividend payout ratio (DPR) is presently 76.13%.

Insider Transactions at Fortis

In other 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 bought at an average cost of C$39.18 per share, for a total transaction of C$73,971.65. In related news, Senior Officer Ronald Hinsley sold 972 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of C$38.79, for a total transaction of C$37,706.21. Also, Director Brian Slocum purchased 1,888 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The shares were purchased at an average price of C$39.18 per share, for a total transaction of C$73,971.65. Insiders have acquired a total of 2,851 shares of company stock worth $111,115 in the last three months. Insiders own 0.04% of the company’s stock.

About Fortis

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.