Fortis (TSE:FTS) PT Set at C$60.00 by Bank of America

Bank of America set a C$60.00 price target on Fortis (TSE:FTS) in a research report report published on Friday, BayStreet.CA reports. The brokerage currently has an underperform rating on the stock.

Several other research firms have also recently weighed in on FTS. Scotiabank boosted their price target on shares of Fortis from C$56.00 to C$63.00 and gave the stock a sector perform rating in a report on Tuesday, August 20th. 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 report on Friday, August 23rd. BMO Capital Markets boosted their target price on shares of Fortis from C$59.00 to C$61.00 in a research note on Thursday, September 5th. UBS Group upgraded shares of Fortis to a strong sell rating in a research note on Tuesday, September 10th. Finally, Royal Bank of Canada boosted their target price on shares of Fortis from C$61.00 to C$62.00 and gave the company a sector perform rating in a research note on Thursday, August 1st. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Hold and an average price target of C$60.10.

Fortis Stock Up 0.2 %

Fortis stock opened at C$60.60 on Friday. Fortis has a fifty-two week low of C$49.82 and a fifty-two week high of C$62.29. The stock has a market cap of C$30.01 billion, a PE ratio of 19.00, a price-to-earnings-growth ratio of 2.80 and a beta of 0.22. The firm’s 50-day simple moving average is C$58.86 and its 200 day simple moving average is C$55.61. The company has a debt-to-equity ratio of 128.59, a quick ratio of 0.36 and a current ratio of 0.69.

Fortis (TSE:FTS) last released its quarterly earnings results on Wednesday, July 31st. The company reported C$0.67 earnings per share for the quarter, topping the consensus estimate 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. Research analysts predict that Fortis will post 3.338843 EPS for the current fiscal year.

Fortis Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Sunday, September 1st were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 3.89%. The ex-dividend date of this dividend was Tuesday, August 20th. Fortis’s dividend payout ratio (DPR) is presently 73.98%.

Insider Buying and Selling

In related news, Senior Officer James Reid sold 19,972 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of C$59.46, for a total transaction of C$1,187,493.18. 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.