Fortis (TSE:FTS) Price Target Cut to C$56.00 by Analysts at CIBC

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

FTS has been the subject of several other reports. Scotiabank increased their price target on Fortis from C$57.00 to C$60.00 and gave the company a sector perform rating in a report on Wednesday, January 24th. Bank of America raised their target price on Fortis from C$49.00 to C$50.00 in a report on Tuesday, January 16th. National Bankshares upped their price target on Fortis from C$52.00 to C$55.00 and gave the stock a sector perform rating in a report on Tuesday, January 30th. JPMorgan Chase & Co. dropped their price objective on shares of Fortis from C$53.00 to C$50.00 and set an underweight rating on the stock in a research note on Monday, January 22nd. Finally, BMO Capital Markets decreased their target price on shares of Fortis from C$58.50 to C$58.00 and set a market perform rating for the company in a research note on Monday, February 12th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, Fortis has a consensus rating of Hold and an average price target of C$57.00.

Fortis Trading Up 1.1 %

FTS stock opened at C$53.45 on Friday. Fortis has a 52 week low of C$49.82 and a 52 week high of C$62.00. The company has a market cap of C$26.35 billion, a price-to-earnings ratio of 17.24, a PEG ratio of 2.80 and a beta of 0.17. The company has a quick ratio of 0.36, a current ratio of 0.68 and a debt-to-equity ratio of 128.76. The business has a fifty day simple moving average of C$53.03 and a 200-day simple moving average of C$54.19.

Fortis (TSE:FTS) last issued its earnings results on Friday, February 9th. The company reported C$0.72 earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of C$3.22 billion. On average, equities research analysts expect that Fortis will post 3.2119367 EPS for the current year.

Fortis Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Friday, May 17th will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.36 annualized dividend and a yield of 4.42%. Fortis’s dividend payout ratio (DPR) is 76.13%.

Insider Activity

In related news, Director Brian Slocum acquired 1,888 shares of Fortis stock in a transaction that occurred on Tuesday, March 5th. The stock was acquired at an average price of C$39.18 per share, for a total transaction of C$73,971.65. In other Fortis news, Director Brian Slocum bought 1,888 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were purchased at an average cost of C$39.18 per share, for a total transaction of C$73,971.65. Also, Senior Officer Ronald Hinsley sold 972 shares of Fortis stock in a transaction dated Monday, February 26th. The shares were sold at an average price of C$38.79, for a total transaction of C$37,706.21. Over the last ninety days, insiders purchased 2,851 shares of company stock valued at $111,115. 0.04% of the stock is currently 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.