Fortis (TSE:FTS) Price Target Raised to C$61.00 at BMO Capital Markets

Fortis (TSE:FTS) had its target price upped by BMO Capital Markets from C$59.00 to C$61.00 in a research note released on Thursday morning, BayStreet.CA reports.

A number of other research firms have also recently commented on FTS. CIBC lifted their price target on Fortis from C$57.00 to C$59.00 and gave the stock a neutral rating in a report on Thursday, August 1st. Scotiabank boosted their target price on Fortis from C$56.00 to C$63.00 and gave the stock a sector perform rating in a report on Tuesday, August 20th. JPMorgan Chase & Co. raised their price target on Fortis from C$52.00 to C$53.00 in a report on Thursday, July 25th. Raymond James upped their price objective on shares of Fortis from C$59.00 to C$61.00 and gave the company an outperform rating in a report on Thursday, August 1st. Finally, Wells Fargo & Company increased their price objective on shares of Fortis from C$56.00 to C$59.00 in a research report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Fortis presently has an average rating of Hold and a consensus target price of C$59.10.

Fortis Trading Up 1.0 %

TSE FTS opened at C$61.13 on Thursday. Fortis has a 12 month low of C$49.82 and a 12 month high of C$61.24. The company has a current ratio of 0.69, a quick ratio of 0.36 and a debt-to-equity ratio of 128.59. The stock has a 50 day moving average of C$57.22 and a 200-day moving average of C$54.95. The company has a market cap of C$30.27 billion, a PE ratio of 19.16, a PEG ratio of 2.80 and a beta of 0.22.

Fortis (TSE:FTS) last announced its quarterly earnings results on Wednesday, July 31st. The company reported C$0.67 EPS for the quarter, beating analysts’ consensus estimates of C$0.65 by C$0.02. The firm had revenue of C$2.67 billion during the quarter, compared to analysts’ expectations of C$2.71 billion. Fortis had a net margin of 14.35% and a return on equity of 7.44%. On average, equities research analysts anticipate that Fortis will post 3.2439825 EPS for the current fiscal year.

Fortis Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Sunday, September 1st were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 3.86%. The ex-dividend date was Tuesday, August 20th. Fortis’s dividend payout ratio (DPR) is 73.98%.

Insiders Place Their Bets

In other Fortis news, Senior Officer James Reid purchased 700 shares of the company’s stock in a transaction dated Wednesday, June 19th. The stock was bought at an average cost of C$52.37 per share, for a total transaction of C$36,659.00. 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.