Analysts Set Fortis Inc. (TSE:FTS) Price Target at C$59.10

Fortis Inc. (TSE:FTS) has been assigned a consensus rating of “Hold” from the nine brokerages that are currently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is C$59.10.

Several equities research analysts have commented on FTS shares. Raymond James boosted their price target on shares of Fortis from C$59.00 to C$61.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. UBS Group upgraded shares of Fortis to a “strong sell” rating in a research report on Tuesday. National Bankshares boosted their price target on shares of Fortis from C$56.00 to C$62.00 and gave the stock a “sector perform” rating in a research report on Friday, August 23rd. Royal Bank of Canada boosted their price target on shares of Fortis from C$61.00 to C$62.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 1st. Finally, JPMorgan Chase & Co. boosted their price objective on Fortis from C$52.00 to C$53.00 in a report on Thursday, July 25th.

Fortis Stock Performance

Shares of FTS opened at C$61.84 on Wednesday. Fortis has a 1 year low of C$49.82 and a 1 year high of C$61.94. The firm has a fifty day moving average of C$58.14 and a 200-day moving average of C$55.27. The company has a debt-to-equity ratio of 128.59, a quick ratio of 0.36 and a current ratio of 0.69. The company has a market cap of C$30.62 billion, a price-to-earnings ratio of 19.39, a price-to-earnings-growth ratio of 2.80 and a beta of 0.22.

Fortis (TSE:FTS) last issued its quarterly earnings data on Wednesday, July 31st. The company reported C$0.67 earnings per share for the quarter, beating analysts’ consensus estimates of C$0.65 by C$0.02. Fortis had a net margin of 14.35% and a return on equity of 7.44%. The business had revenue of C$2.67 billion for the quarter, compared to analysts’ expectations of C$2.71 billion. As a group, equities analysts anticipate that Fortis will post 3.3416115 earnings per share for the current year.

Fortis Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Sunday, September 1st were given a $0.59 dividend. The ex-dividend date was Tuesday, August 20th. This represents a $2.36 annualized dividend and a dividend yield of 3.82%. Fortis’s dividend payout ratio is 73.98%.

Insider Activity

In related news, Senior Officer James Reid sold 19,972 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of C$59.46, for a total value of C$1,187,493.18. 0.04% of the stock is owned by company insiders.

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.