Fortis (TSE:FTS) Given New C$59.00 Price Target at Wells Fargo & Company

Fortis (TSE:FTS) had its price target raised by Wells Fargo & Company from C$56.00 to C$59.00 in a research report sent to investors on Wednesday, BayStreet.CA reports.

Several other brokerages have also commented on FTS. Raymond James lowered their price objective on shares of Fortis from C$62.00 to C$59.00 in a research report on Thursday, April 25th. BMO Capital Markets lifted their price target on shares of Fortis from C$58.00 to C$58.50 and gave the stock a market perform rating in a report on Thursday, May 2nd. JPMorgan Chase & Co. reduced their price objective on Fortis from C$53.00 to C$50.00 and set an underweight rating for the company in a report on Monday, January 22nd. CIBC boosted their target price on Fortis from C$56.00 to C$57.00 and gave the company a neutral rating in a research note on Thursday, May 2nd. Finally, National Bankshares increased their price target on 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 research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Hold and an average target price of C$57.04.

Fortis Price Performance

Shares of FTS opened at C$55.48 on Wednesday. Fortis has a 12-month low of C$49.82 and a 12-month high of C$62.00. The business’s fifty day moving average is C$53.30 and its 200 day moving average is C$54.18. The company has a quick ratio of 0.36, a current ratio of 0.60 and a debt-to-equity ratio of 128.89. The stock has a market cap of C$27.35 billion, a P/E ratio of 17.73, a P/E/G ratio of 2.80 and a beta of 0.18.

Fortis (TSE:FTS) last posted its quarterly earnings data 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 net margin of 14.11% and a return on equity of 7.38%. The firm had revenue of C$2.89 billion for the quarter, compared to the consensus estimate of C$3.22 billion. Sell-side analysts anticipate that Fortis will post 3.1998828 earnings per share for the current fiscal year.

Fortis Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Saturday, June 1st will be paid a $0.59 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.36 annualized dividend and a yield of 4.25%. Fortis’s dividend payout ratio is currently 75.40%.

Insider Buying and Selling at Fortis

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