Fortis (TSE:FTS) PT Raised to C$53.00 at JPMorgan Chase & Co.

Fortis (TSE:FTS) had its price target hoisted by JPMorgan Chase & Co. from C$52.00 to C$53.00 in a research report released on Thursday morning, BayStreet.CA reports.

Other research analysts also recently issued reports about the company. BMO Capital Markets boosted their target price 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. Wells Fargo & Company upped their price objective on Fortis from C$56.00 to C$59.00 in a report on Wednesday, May 8th. Raymond James reduced their price objective on Fortis from C$62.00 to C$59.00 in a report on Thursday, April 25th. Scotiabank reduced their price objective on Fortis from C$60.00 to C$56.00 and set a sector perform rating on the stock in a report on Monday, April 22nd. Finally, CIBC upped their price objective on Fortis from C$56.00 to C$57.00 and gave the stock a neutral rating in a report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Hold and an average price target of C$57.63.

Fortis Stock Up 0.8 %

Shares of FTS opened at C$56.73 on Thursday. The company has a market capitalization of C$27.97 billion, a P/E ratio of 18.12, a PEG ratio of 2.80 and a beta of 0.18. The company has a debt-to-equity ratio of 128.89, a current ratio of 0.60 and a quick ratio of 0.36. Fortis has a one year low of C$49.82 and a one year high of C$57.73. The business’s 50 day simple moving average is C$54.29 and its 200-day simple moving average is C$53.85.

Fortis (TSE:FTS) last announced its earnings results 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. The business had revenue of C$3.12 billion for the quarter, compared to the consensus estimate of C$3.34 billion. Fortis had a return on equity of 7.38% and a net margin of 14.11%. As a group, sell-side analysts predict that Fortis will post 3.2075145 EPS for the current fiscal year.

Fortis Dividend Announcement

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

Insider Buying and Selling at Fortis

In other Fortis news, Senior Officer James Reid bought 700 shares of the company’s stock in a transaction on Wednesday, June 19th. The stock was bought at an average price of C$52.37 per share, for a total transaction of C$36,659.00. Corporate insiders own 0.04% of the company’s stock.

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.