Fortis (TSE:FTS) PT Raised to C$59.00 at Wells Fargo & Company

Fortis (TSE:FTS) had its target price hoisted by Wells Fargo & Company from C$56.00 to C$59.00 in a research report released on Wednesday, BayStreet.CA reports.

Other equities analysts have also issued research reports about the company. Raymond James cut their target price on Fortis from C$62.00 to C$59.00 in a research note on Thursday, April 25th. National Bankshares lifted their target price on Fortis from C$52.00 to C$55.00 and gave the company a sector perform rating in a research note on Tuesday, January 30th. CIBC lifted their target price on Fortis from C$56.00 to C$57.00 and gave the company a neutral rating in a research note on Thursday, May 2nd. BMO Capital Markets lifted their target price on Fortis from C$58.00 to C$58.50 and gave the company a market perform rating in a research note on Thursday, May 2nd. Finally, Scotiabank cut their target price on Fortis from C$60.00 to C$56.00 and set a sector perform rating on the stock in a research note on Monday, April 22nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Fortis presently has a consensus rating of Hold and an average price target of C$57.04.

Fortis Trading Up 0.6 %

TSE FTS opened at C$55.48 on Wednesday. Fortis has a one year low of C$49.82 and a one year high of C$62.00. The company has a debt-to-equity ratio of 128.89, a quick ratio of 0.36 and a current ratio of 0.60. The company has a market capitalization of C$27.35 billion, a price-to-earnings ratio of 17.73, a price-to-earnings-growth ratio of 2.80 and a beta of 0.18. The company’s 50-day simple moving average is C$53.30 and its two-hundred day simple moving average is C$54.18.

Fortis (TSE:FTS) last announced its earnings results on Friday, February 9th. The company reported C$0.72 earnings per share (EPS) for the quarter, meeting the consensus estimate of C$0.72. The business had revenue of C$2.89 billion for the quarter, compared to analysts’ expectations of C$3.22 billion. Fortis had a return on equity of 7.38% and a net margin of 14.11%. Equities analysts forecast that Fortis will post 3.1998828 EPS for the current fiscal year.

Fortis Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Saturday, June 1st will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.25%. Fortis’s payout ratio is 75.40%.

Insider Transactions at Fortis

In other Fortis news, Director Brian Slocum purchased 1,888 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were acquired at an average price of C$39.18 per share, for a total transaction of C$73,971.65. In other Fortis news, Director Brian Slocum purchased 1,888 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were acquired at an average price of C$39.18 per share, for a total transaction of C$73,971.65. Also, Senior Officer Ronald Hinsley sold 972 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of C$38.79, for a total value of C$37,706.21. Over the last 90 days, insiders have acquired 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.