Fortis (TSE:FTS – Free Report) had its price objective boosted by BMO Capital Markets from C$58.00 to C$58.50 in a report issued on Thursday morning, BayStreet.CA reports. BMO Capital Markets currently has a market perform rating on the stock.
Other equities analysts also recently issued research reports about the stock. Bank of America boosted their price target on shares of Fortis from C$49.00 to C$50.00 in a research note on Tuesday, January 16th. Scotiabank lowered their target price on 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. CIBC increased their price target on Fortis from C$56.00 to C$57.00 and gave the company a neutral rating in a research report on Thursday. National Bankshares upped their target price on shares of 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. Finally, JPMorgan Chase & Co. decreased their price target on shares of Fortis from C$53.00 to C$50.00 and set an underweight rating for the company in a research note on Monday, January 22nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Fortis currently has a consensus rating of Hold and a consensus price target of C$56.88.
Check Out Our Latest Report on Fortis
Fortis Price Performance
Fortis (TSE:FTS – Get Free Report) last issued its quarterly earnings results 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 13.66% and a return on equity of 7.41%. The company had revenue of C$2.89 billion for the quarter, compared to analyst estimates of C$3.22 billion. On average, sell-side analysts anticipate that Fortis will post 3.2119367 EPS for the current year.
Fortis Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Saturday, June 1st will be issued a dividend of $0.59 per share. The ex-dividend date is Thursday, May 16th. This represents a $2.36 dividend on an annualized basis and a yield of 4.32%. Fortis’s payout ratio is currently 76.13%.
Insider Transactions at Fortis
In related news, Director Margarita Dilley bought 960 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were purchased at an average cost of C$38.57 per share, with a total value of C$37,027.20. In other news, Director Margarita Dilley bought 960 shares of Fortis stock in a transaction dated Thursday, February 29th. The stock was acquired at an average cost of C$38.57 per share, with a total value of C$37,027.20. Also, Senior Officer Ronald Hinsley sold 972 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of C$38.79, for a total value of C$37,706.21. In the last quarter, insiders purchased 2,851 shares of company stock worth $111,115. 0.04% of the stock is currently owned by 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.
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