Scotiabank Trims Fortis (TSE:FTS) Target Price to C$56.00

Fortis (TSE:FTS) had its price target cut by Scotiabank from C$60.00 to C$56.00 in a report released on Monday, BayStreet.CA reports. They currently have a sector perform rating on the stock.

FTS has been the topic of a number of other research reports. BMO Capital Markets decreased 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 report on Monday, February 12th. JPMorgan Chase & Co. dropped their price target on Fortis from C$53.00 to C$50.00 and set an underweight rating for the company in a research note on Monday, January 22nd. CIBC reduced their price objective on Fortis from C$59.00 to C$56.00 and set a neutral rating on the stock in a research report on Friday, April 19th. Bank of America upped their target price on Fortis from C$49.00 to C$50.00 in a research note on Tuesday, January 16th. Finally, National Bankshares lifted their price target on shares of Fortis from C$52.00 to C$55.00 and gave the stock a sector perform rating in a research note on Tuesday, January 30th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of C$57.00.

Fortis Stock Up 0.5 %

FTS opened at C$53.65 on Monday. The company has a debt-to-equity ratio of 128.76, a current ratio of 0.68 and a quick ratio of 0.36. Fortis has a one year low of C$49.82 and a one year high of C$62.00. The firm has a market capitalization of C$26.45 billion, a P/E ratio of 17.31, a price-to-earnings-growth ratio of 2.80 and a beta of 0.17. The company has a fifty day moving average price of C$53.08 and a 200-day moving average price of C$54.18.

Fortis (TSE:FTS) last announced its earnings results on Friday, February 9th. The company reported C$0.72 earnings per share for the quarter, hitting analysts’ consensus estimates of C$0.72. Fortis had a return on equity of 7.41% and a net margin of 13.66%. The business had revenue of C$2.89 billion for the quarter, compared to analyst estimates of C$3.22 billion. Equities research analysts expect that Fortis will post 3.2119367 earnings per share for the current fiscal year.

Fortis Announces Dividend

The company 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 dividend of $0.59 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.40%. Fortis’s dividend payout ratio is currently 76.13%.

Insider Activity at Fortis

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