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

Fortis (TSE:FTS) had its price objective decreased by CIBC from C$59.00 to C$56.00 in a research report released on Friday morning, BayStreet.CA reports. CIBC currently has a neutral rating on the stock.

Several other brokerages have also recently weighed in on FTS. National Bankshares raised 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 report on Tuesday, January 30th. Scotiabank raised their target price on shares of Fortis from C$57.00 to C$60.00 and gave the company a sector perform rating in a report on Wednesday, January 24th. JPMorgan Chase & Co. reduced their target price 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 target price 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. Finally, Bank of America raised their target price on shares of Fortis from C$49.00 to C$50.00 in a report on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Hold and an average target price of C$57.31.

Fortis Trading Up 1.0 %

TSE FTS opened at C$52.89 on Friday. The firm has a 50 day simple moving average of C$53.02 and a 200-day simple moving average of C$54.15. 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 one year low of C$49.82 and a one year high of C$62.00. The firm has a market cap of C$26.07 billion, a price-to-earnings ratio of 17.06, a PEG ratio of 2.80 and a beta of 0.17.

Fortis (TSE:FTS) last posted its quarterly earnings data on Friday, February 9th. The company reported C$0.72 EPS for the quarter, meeting the consensus estimate of C$0.72. Fortis had a net margin of 13.66% and a return on equity of 7.41%. The business had revenue of C$2.89 billion during the quarter, compared to analyst estimates of C$3.22 billion. Equities research analysts anticipate that Fortis will post 3.2119367 EPS 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 4.46%. Fortis’s payout ratio is 76.13%.

Insider Activity

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