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

Fortis (TSE:FTS) had its target price reduced by CIBC from C$59.00 to C$56.00 in a research note issued to investors on Friday morning, BayStreet.CA reports. They currently have a neutral rating on the stock.

FTS has been the subject of a number of other reports. 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. JPMorgan Chase & Co. dropped their price objective on shares of Fortis from C$53.00 to C$50.00 and set an underweight rating for the company 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 research report on Monday, February 12th. Bank of America lifted their target price on Fortis from C$49.00 to C$50.00 in a research note on Tuesday, January 16th. Finally, National Bankshares upped their target price on shares of Fortis from C$52.00 to C$55.00 and gave the company a sector perform rating in a research report on Tuesday, January 30th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Fortis currently has an average rating of Hold and a consensus target price of C$57.00.

Fortis Stock Up 1.1 %

FTS stock opened at C$53.45 on Friday. The company has a debt-to-equity ratio of 128.76, a current ratio of 0.68 and a quick ratio of 0.36. The company has a 50-day moving average of C$53.03 and a two-hundred day moving average of C$54.19. The stock has a market capitalization of C$26.35 billion, a price-to-earnings ratio of 17.24, a price-to-earnings-growth ratio of 2.80 and a beta of 0.17. Fortis has a 52-week low of C$49.82 and a 52-week high of C$62.00.

Fortis (TSE:FTS) last issued its quarterly 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 firm had revenue of C$2.89 billion during the quarter, compared to the consensus estimate of C$3.22 billion. As a group, equities research analysts anticipate that Fortis will post 3.2119367 EPS for the current year.

Fortis Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Friday, May 17th will be given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.42%. The ex-dividend date is Thursday, May 16th. Fortis’s dividend payout ratio is presently 76.13%.

Insider Activity at Fortis

In related news, Director Brian Slocum purchased 1,888 shares of Fortis stock in a transaction that occurred on Tuesday, March 5th. The stock was purchased at an average cost of C$39.18 per share, with a total value of C$73,971.65. In other news, Director Brian Slocum bought 1,888 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was acquired at an average cost of C$39.18 per share, for a total transaction of C$73,971.65. Also, Senior Officer Ronald Hinsley sold 972 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of C$38.79, for a total value of C$37,706.21. Over the last 90 days, insiders acquired 2,851 shares of company stock valued at $111,115. Corporate 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.