BMO Capital Markets Boosts Fortis (TSE:FTS) Price Target to C$58.50

Fortis (TSE:FTS) had its target price hoisted by BMO Capital Markets from C$58.00 to C$58.50 in a report published on Thursday morning, BayStreet.CA reports. The brokerage currently has a market perform rating on the stock.

A number of other research analysts have also recently commented on the stock. Raymond James cut their price target on shares of Fortis from C$62.00 to C$59.00 in a research note on Thursday, April 25th. JPMorgan Chase & Co. cut their target price on Fortis from C$53.00 to C$50.00 and set an underweight rating for the company in a research report on Monday, January 22nd. CIBC boosted their price target on Fortis from C$56.00 to C$57.00 and gave the company a neutral rating in a research note on Thursday. Bank of America increased their price objective on Fortis from C$49.00 to C$50.00 in a research note on Tuesday, January 16th. Finally, National Bankshares boosted 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 note on Tuesday, January 30th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, Fortis has a consensus rating of Hold and an average price target of C$56.88.

Fortis Price Performance

Shares of TSE:FTS opened at C$54.59 on Thursday. The business’s 50 day moving average is C$53.19 and its 200-day moving average is C$54.16. The company has a current ratio of 0.68, a quick ratio of 0.36 and a debt-to-equity ratio of 128.76. The firm has a market capitalization of C$26.91 billion, a PE ratio of 17.61, a PEG ratio of 2.80 and a beta of 0.17. Fortis has a 1-year low of C$49.82 and a 1-year high of C$62.00.

Fortis (TSE:FTS) last announced its quarterly earnings results on Friday, February 9th. The company reported C$0.72 earnings per share (EPS) for the quarter, meeting the consensus estimate of C$0.72. The firm had revenue of C$2.89 billion for the quarter, compared to analyst estimates of C$3.22 billion. Fortis had a net margin of 13.66% and a return on equity of 7.41%. Sell-side analysts predict that Fortis will post 3.2119367 earnings per share for the current year.

Fortis Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Saturday, June 1st will be paid 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 4.32%. Fortis’s dividend payout ratio (DPR) is presently 76.13%.

Insider Activity at Fortis

In related news, Director Brian Slocum acquired 1,888 shares of the firm’s stock in a transaction on Tuesday, March 5th. The shares were purchased at an average price of C$39.18 per share, with a total value of C$73,971.65. In related news, Director Brian Slocum acquired 1,888 shares of the company’s 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. Also, Senior Officer Ronald Hinsley sold 972 shares of the company’s stock in a transaction 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. Insiders acquired 2,851 shares of company stock valued at $111,115 over the last ninety days. 0.04% of the stock is owned by insiders.

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.