Fortis (TSE:FTS – Free Report) had its price objective raised by CIBC from C$56.00 to C$57.00 in a research report report published on Thursday morning, BayStreet.CA reports. The brokerage currently has a neutral rating on the stock.
Other research analysts have also recently issued reports about the company. JPMorgan Chase & Co. lowered their target price on Fortis from C$53.00 to C$50.00 and set an underweight rating on the stock in a report on Monday, January 22nd. BMO Capital Markets cut their target price on 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. Scotiabank lowered their price target on shares of Fortis from C$60.00 to C$56.00 and set a sector perform rating on the stock in a research report on Monday, April 22nd. Bank of America lifted their target price on shares of 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 report on Tuesday, January 30th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of C$56.88.
Fortis Stock Up 0.4 %
Fortis (TSE:FTS – Get Free Report) last issued its earnings results on Friday, February 9th. The company reported C$0.72 EPS for the quarter, meeting analysts’ consensus estimates of C$0.72. The business had revenue of C$2.89 billion during the quarter, compared to analysts’ expectations of C$3.22 billion. Fortis had a net margin of 13.66% and a return on equity of 7.41%. Equities research analysts forecast 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. Stockholders of record on Saturday, June 1st will be issued a $0.59 dividend. The ex-dividend date is Thursday, May 16th. This represents a $2.36 annualized dividend and a dividend yield of 4.32%. Fortis’s dividend payout ratio is currently 76.13%.
Insider Activity at Fortis
In other news, Director Brian Slocum purchased 1,888 shares of the firm’s stock in a transaction on Tuesday, March 5th. The shares were bought at an average cost of C$39.18 per share, for a total transaction of C$73,971.65. In other Fortis news, Director Brian Slocum acquired 1,888 shares of the stock in a transaction dated Tuesday, March 5th. The stock was acquired at an average price of C$39.18 per share, with a total value of C$73,971.65. Also, Director Margarita Dilley acquired 960 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was acquired at an average price of C$38.57 per share, with a total value of C$37,027.20. In the last quarter, insiders purchased 2,851 shares of company stock worth $111,115. 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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