Fortis (TSE:FTS) Price Target Raised to C$62.00 at Royal Bank of Canada

Fortis (TSE:FTS) had its price objective hoisted by Royal Bank of Canada from C$61.00 to C$62.00 in a research note released on Thursday, BayStreet.CA reports. Royal Bank of Canada currently has a sector perform rating on the stock.

FTS has been the subject of a number of other reports. CIBC lifted their target price on Fortis from C$57.00 to C$59.00 and gave the company a neutral rating in a research report on Thursday. BMO Capital Markets boosted their price target on Fortis from C$58.50 to C$59.00 in a research report on Thursday. JPMorgan Chase & Co. boosted their price target on Fortis from C$52.00 to C$53.00 in a research report on Thursday, July 25th. Raymond James upped their target price on Fortis from C$59.00 to C$61.00 and gave the company an outperform rating in a research report on Thursday. Finally, Scotiabank reduced 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 report on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Hold and an average target price of C$58.17.

Fortis Trading Up 1.2 %

Shares of Fortis stock traded up C$0.68 on Thursday, reaching C$58.58. The company had a trading volume of 148,221 shares, compared to its average volume of 1,593,897. The firm has a market cap of C$28.88 billion, a price-to-earnings ratio of 18.50, a P/E/G ratio of 2.80 and a beta of 0.18. The company has a debt-to-equity ratio of 128.89, a current ratio of 0.60 and a quick ratio of 0.36. The firm’s 50-day moving average price is C$54.46 and its two-hundred day moving average price is C$53.94. Fortis has a 1 year low of C$49.82 and a 1 year high of C$58.73.

Fortis (TSE:FTS) last issued its earnings results on Wednesday, May 1st. The company reported C$0.93 earnings per share for the quarter, beating analysts’ consensus estimates of C$0.89 by C$0.04. The business had revenue of C$3.12 billion during the quarter, compared to analyst estimates of C$3.34 billion. Fortis had a return on equity of 7.38% and a net margin of 14.11%. As a group, research analysts predict that Fortis will post 3.2075145 earnings per share for the current fiscal year.

Fortis Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Tuesday, August 20th will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $2.36 dividend on an annualized basis and a yield of 4.03%. Fortis’s dividend payout ratio is currently 75.40%.

Insiders Place Their Bets

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