Fortis (TSE:FTS – Free Report) had its price target increased by JPMorgan Chase & Co. from C$52.00 to C$53.00 in a research report sent to investors on Thursday, BayStreet.CA reports.
Several other brokerages have also recently issued reports on FTS. Wells Fargo & Company raised their target price on shares of Fortis from C$56.00 to C$59.00 in a report on Wednesday, May 8th. Raymond James reduced their target price on shares of Fortis from C$62.00 to C$59.00 in a report on Thursday, April 25th. CIBC raised their target price on shares of Fortis from C$56.00 to C$57.00 and gave the stock a neutral rating in a report on Thursday, May 2nd. BMO Capital Markets lifted their price objective on shares of Fortis from C$58.00 to C$58.50 and gave the company a market perform rating in a report on Thursday, May 2nd. Finally, Scotiabank cut their price objective on shares of 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. 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. Based on data from MarketBeat, Fortis has a consensus rating of Hold and an average target price of C$57.63.
Read Our Latest Stock Report on FTS
Fortis Trading Down 0.3 %
Fortis (TSE:FTS – Get Free Report) last posted its quarterly earnings data on Wednesday, May 1st. The company reported C$0.93 EPS for the quarter, topping the consensus estimate of C$0.89 by C$0.04. Fortis had a net margin of 14.11% and a return on equity of 7.38%. The business had revenue of C$3.12 billion during the quarter, compared to the consensus estimate of C$3.34 billion. On average, equities research analysts anticipate that Fortis will post 3.2075145 earnings per share for the current year.
Fortis Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Saturday, June 1st. Investors of record on Saturday, June 1st were given a dividend of $0.59 per share. The ex-dividend date was Thursday, May 16th. This represents a $2.36 dividend on an annualized basis and a yield of 4.19%. Fortis’s payout ratio is presently 75.40%.
Insider Buying and Selling
In other Fortis news, Senior Officer James Reid purchased 700 shares of the stock in a transaction that occurred on Wednesday, June 19th. The shares were purchased at an average cost of C$52.37 per share, for a total transaction of C$36,659.00. 0.04% of the stock is currently owned by company 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.
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