CIBC Lowers Fortis (TSE:FTS) Price Target to C$56.00

Fortis (TSE:FTS - Free Report) had its price objective reduced by CIBC from C$59.00 to C$56.00 in a research report report published on Friday morning, BayStreet.CA reports. They currently have a neutral rating on the stock.

Several other research analysts have also commented on the company. Scotiabank boosted their price objective on Fortis from C$57.00 to C$60.00 and gave the stock a sector perform rating in a report on Wednesday, January 24th. Bank of America boosted their target price on Fortis from C$49.00 to C$50.00 in a research report on Tuesday, January 16th. BMO Capital Markets dropped their target price on Fortis from C$58.50 to C$58.00 and set a market perform rating for the company in a research report on Monday, February 12th. National Bankshares boosted their target price on Fortis from C$52.00 to C$55.00 and gave the stock a sector perform rating in a research report on Tuesday, January 30th. Finally, JPMorgan Chase & Co. dropped their target price on Fortis from C$53.00 to C$50.00 and set an underweight rating for the company in a research report on Monday, January 22nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Hold and an average target price of C$57.31.

Fortis Price Performance

Shares of TSE FTS traded up C$0.51 during midday trading on Friday, hitting C$52.89. 1,785,270 shares of the company's stock were exchanged, compared to its average volume of 1,537,686. Fortis has a 12-month low of C$49.82 and a 12-month high of C$62.00. The company has a current ratio of 0.68, a quick ratio of 0.36 and a debt-to-equity ratio of 128.76. The company has a market cap of C$26.07 billion, a price-to-earnings ratio of 17.06, a PEG ratio of 2.80 and a beta of 0.17. The business's fifty day moving average price is C$53.02 and its two-hundred day moving average price is C$54.13.

Fortis (TSE:FTS - Get Free Report) last issued its quarterly earnings data on Friday, February 9th. The company reported C$0.72 EPS for the quarter, hitting the consensus estimate of C$0.72. Fortis had a return on equity of 7.41% and a net margin of 13.66%. The company had revenue of C$2.89 billion during the quarter, compared to analyst estimates of C$3.22 billion. As a group, research analysts forecast that Fortis will post 3.2119367 EPS for the current fiscal year.

Fortis Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Friday, May 17th will be given a $0.59 dividend. The ex-dividend date is Thursday, May 16th. This represents a $2.36 annualized dividend and a yield of 4.46%. Fortis's payout ratio is currently 76.13%.

Insider Buying and Selling at Fortis

In other Fortis news, Director Margarita Dilley bought 960 shares of Fortis stock in a transaction dated 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 Fortis news, Director Brian Slocum bought 1,888 shares of Fortis stock in a transaction dated Tuesday, March 5th. The shares were purchased at an average cost of C$39.18 per share, with a total value of C$73,971.65. Also, Director Margarita Dilley bought 960 shares of Fortis stock in a transaction dated Thursday, February 29th. The shares were acquired at an average cost of C$38.57 per share, for a total transaction of C$37,027.20. Over the last 90 days, 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.