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

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

Other equities analysts have also issued research reports about the company. CIBC lowered their price objective on Fortis from C$59.00 to C$56.00 and set a neutral rating on the stock in a research note on Friday, April 19th. BMO Capital Markets lowered their price objective on Fortis from C$58.50 to C$58.00 and set a market perform rating on the stock in a research note on Monday, February 12th. Bank of America raised their price objective on Fortis from C$49.00 to C$50.00 in a research note on Tuesday, January 16th. JPMorgan Chase & Co. lowered their price objective on Fortis from C$53.00 to C$50.00 and set an underweight rating on the stock in a research note on Monday, January 22nd. Finally, National Bankshares raised their price objective on Fortis from C$52.00 to C$55.00 and gave the stock a sector perform rating in a research note on Tuesday, January 30th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Hold and a consensus price target of C$56.77.

Fortis Price Performance

Shares of TSE FTS opened at C$53.72 on Monday. The firm has a market cap of C$26.48 billion, a P/E ratio of 17.33, a price-to-earnings-growth ratio of 2.80 and a beta of 0.17. The company has a current ratio of 0.68, a quick ratio of 0.36 and a debt-to-equity ratio of 128.76. Fortis has a 1-year low of C$49.82 and a 1-year high of C$62.00. The business’s 50 day moving average is C$53.10 and its 200-day moving average is C$54.18.

Fortis (TSE:FTS) last announced its earnings results on Friday, February 9th. The company reported C$0.72 earnings per share for the quarter, hitting analysts’ consensus estimates of C$0.72. The company had revenue of C$2.89 billion for the quarter, compared to analyst estimates of C$3.22 billion. Fortis had a return on equity of 7.41% and a net margin of 13.66%. Equities research analysts predict that Fortis will post 3.2119367 earnings per share for the current year.

Fortis Dividend Announcement

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

Insider Activity at Fortis

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

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.