Fortis Inc. (TSE:FTS) Receives C$57.38 Average Price Target from Brokerages

Shares of Fortis Inc. (TSE:FTS) have been assigned an average rating of “Hold” from the eight analysts that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, six have given a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is C$57.38.

A number of research analysts have issued reports on the stock. Raymond James dropped their target price on shares of Fortis from C$62.00 to C$59.00 in a report on Thursday, April 25th. Wells Fargo & Company raised their price objective on shares of Fortis from C$56.00 to C$59.00 in a research note on Wednesday, May 8th. Scotiabank dropped their price objective on shares of Fortis from C$60.00 to C$56.00 and set a “sector perform” rating for the company in a research note on Monday, April 22nd. BMO Capital Markets raised their price objective on shares of Fortis from C$58.00 to C$58.50 and gave the stock a “market perform” rating in a research note on Thursday, May 2nd. Finally, CIBC raised their price objective on shares of Fortis from C$56.00 to C$57.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd.

Fortis Trading Down 0.4 %

FTS opened at C$53.17 on Friday. The firm has a market cap of C$26.21 billion, a price-to-earnings ratio of 16.99, a price-to-earnings-growth ratio of 2.80 and a beta of 0.18. Fortis has a 52 week low of C$49.82 and a 52 week high of C$57.93. The business’s 50 day moving average is C$54.34 and its two-hundred day moving average is C$53.87. The company has a quick ratio of 0.36, a current ratio of 0.60 and a debt-to-equity ratio of 128.89.

Fortis (TSE:FTS) last announced its earnings results on Wednesday, May 1st. The company reported C$0.93 earnings per share for the quarter, topping the consensus estimate of C$0.89 by C$0.04. Fortis had a net margin of 14.11% and a return on equity of 7.38%. The business had revenue of C$3.12 billion during the quarter, compared to the consensus estimate of C$3.34 billion. On average, research analysts predict that Fortis will post 3.2075145 EPS for the current year.

Fortis Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Stockholders of record on Saturday, June 1st were given a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 4.44%. The ex-dividend date was Thursday, May 16th. Fortis’s payout ratio is currently 75.40%.

Insider Transactions at Fortis

In other Fortis news, Senior Officer James Reid acquired 700 shares of the stock in a transaction that occurred on Wednesday, June 19th. The stock was acquired at an average price of C$52.37 per share, with a total value of C$36,659.00. Insiders own 0.04% of the company’s stock.

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.