Fortis (TSE:FTS) PT Raised to C$53.00

Fortis (TSE:FTS) had its price target raised by JPMorgan Chase & Co. from C$52.00 to C$53.00 in a research note issued to investors on Thursday, BayStreet.CA reports.

A number of other research firms have also recently weighed in on FTS. Wells Fargo & Company increased their price target on Fortis from C$56.00 to C$59.00 in a report on Wednesday, May 8th. Scotiabank lowered their price target on Fortis from C$60.00 to C$56.00 and set a sector perform rating for the company in a report on Monday, April 22nd. Raymond James lowered their price target on Fortis from C$62.00 to C$59.00 in a report on Thursday, April 25th. BMO Capital Markets increased their price target on Fortis from C$58.00 to C$58.50 and gave the stock a market perform rating in a report on Thursday, May 2nd. Finally, CIBC increased their target price on Fortis from C$56.00 to C$57.00 and gave the stock a neutral rating in a research note on Thursday, May 2nd. 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. According to data from MarketBeat, the stock has an average rating of Hold and an average price target of C$57.63.

Fortis Stock Up 0.8 %

Shares of TSE:FTS opened at C$56.73 on Thursday. The company has a quick ratio of 0.36, a current ratio of 0.60 and a debt-to-equity ratio of 128.89. The business has a fifty day moving average of C$54.29 and a two-hundred day moving average of C$53.85. The stock has a market cap of C$27.97 billion, a P/E ratio of 18.12, a PEG ratio of 2.80 and a beta of 0.18. Fortis has a 52-week low of C$49.82 and a 52-week high of C$57.73.

Fortis (TSE:FTS) last released its quarterly earnings results on Wednesday, May 1st. The company reported C$0.93 earnings per share for the quarter, topping analysts’ consensus estimates of C$0.89 by C$0.04. The business had revenue of C$3.12 billion during the quarter, compared to analysts’ expectations of C$3.34 billion. Fortis had a return on equity of 7.38% and a net margin of 14.11%. On average, research analysts expect that Fortis will post 3.2075145 earnings per share for the current year.

Fortis Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Saturday, June 1st were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 4.16%. The ex-dividend date of this dividend was Thursday, May 16th. Fortis’s dividend payout ratio is currently 75.40%.

Insider Buying and Selling at Fortis

In related news, Senior Officer James Reid purchased 700 shares of Fortis stock in a transaction on Wednesday, June 19th. The shares were bought at an average price of C$52.37 per share, with a total value of C$36,659.00. 0.04% of the stock is owned by corporate insiders.

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.