Brokerages Set Fortis Inc. (TSE:FTS) PT at C$57.38

Shares of Fortis Inc. (TSE:FTS - Get Free Report) have been assigned a consensus rating of "Hold" from the eight analysts that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is C$57.38.

FTS has been the subject of a number of analyst reports. Wells Fargo & Company boosted their price objective on shares of Fortis from C$56.00 to C$59.00 in a research note on Wednesday, May 8th. Scotiabank decreased their price target on shares of Fortis from C$60.00 to C$56.00 and set a "sector perform" rating for the company in a report on Monday, April 22nd. BMO Capital Markets lifted their price objective on 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. Raymond James cut their price objective on Fortis from C$62.00 to C$59.00 in a research report on Thursday, April 25th. Finally, CIBC raised their target price on Fortis from C$56.00 to C$57.00 and gave the company a "neutral" rating in a report on Thursday, May 2nd.

Fortis Stock Down 0.4 %

FTS traded down C$0.24 during trading on Friday, reaching C$53.17. 860,946 shares of the stock traded hands, compared to its average volume of 1,661,106. The stock's 50-day simple moving average is C$54.34 and its two-hundred day simple moving average is C$53.88. The company has a debt-to-equity ratio of 128.89, a current ratio of 0.60 and a quick ratio of 0.36. Fortis has a fifty-two week low of C$49.82 and a fifty-two week high of C$57.93. The stock 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 (TSE:FTS - Get Free Report) last issued its quarterly earnings data on Wednesday, May 1st. The company reported C$0.93 earnings per share for the quarter, beating the consensus estimate of C$0.89 by C$0.04. The firm had revenue of C$3.12 billion for the quarter, compared to analyst estimates of C$3.34 billion. Fortis had a net margin of 14.11% and a return on equity of 7.38%. As a group, equities research analysts expect that Fortis will post 3.2075145 EPS for the current year.

Fortis Announces Dividend

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

Insider Activity

In other news, Senior Officer James Reid bought 700 shares of the stock in a transaction dated Wednesday, June 19th. The stock was bought at an average cost of C$52.37 per share, with a total value of C$36,659.00. 0.04% of the stock is 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.