Fortis (TSE:FTS – Free Report) had its price objective raised by CIBC from C$56.00 to C$57.00 in a report issued on Thursday morning, BayStreet.CA reports. The firm currently has a neutral rating on the stock.
A number of other research firms have also weighed in on FTS. BMO Capital Markets lowered 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. National Bankshares raised their target price on 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 decreased their price target on Fortis from C$60.00 to C$56.00 and set a sector perform rating for the company in a report on Monday, April 22nd. JPMorgan Chase & Co. lowered their price target 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. Finally, Raymond James cut their price objective on shares of Fortis from C$62.00 to C$59.00 in a report on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Hold and a consensus price target of C$56.88.
Check Out Our Latest Research Report on FTS
Fortis Trading Up 0.4 %
Fortis (TSE:FTS – Get Free Report) last posted 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. 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 the consensus estimate of C$3.22 billion. As a group, equities analysts expect that Fortis will post 3.2119367 earnings per share for the current fiscal year.
Fortis Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Saturday, June 1st will be issued a dividend of $0.59 per share. The ex-dividend date is Thursday, May 16th. This represents a $2.36 dividend on an annualized basis and a yield of 4.32%. Fortis’s dividend payout ratio (DPR) is presently 76.13%.
Insiders Place Their Bets
In related news, Director Margarita Dilley bought 960 shares of Fortis stock in a transaction dated Thursday, February 29th. The stock was purchased at an average cost of C$38.57 per share, with a total value of C$37,027.20. In other news, Director Margarita Dilley purchased 960 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were purchased at an average price of C$38.57 per share, with a total value of C$37,027.20. Also, Senior Officer Ronald Hinsley sold 972 shares of the 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. Over the last 90 days, insiders have purchased 2,851 shares of company stock valued at $111,115. Company 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.
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