Fortis (FTS) Given New C$51.00 Price Target at CIBC

Fortis (TSE:FTS) had its price target boosted by CIBC from C$50.00 to C$51.00 in a report published on Friday.

Several other equities research analysts have also weighed in on the company. National Bank Financial lowered Fortis from a sector perform market weight rating to an underperform market weight rating in a research report on Sunday, January 28th. Royal Bank of Canada dropped their price target on Fortis from C$53.00 to C$49.00 and set an outperform rating on the stock in a research report on Friday, February 16th. Raymond James Financial upgraded Fortis from a market perform rating to an outperform rating in a research report on Friday, February 9th. Scotiabank dropped their price target on Fortis from C$50.00 to C$48.00 and set an outperform rating on the stock in a research report on Friday, February 16th. Finally, TD Securities dropped their target price on Fortis from C$51.00 to C$46.00 and set a buy rating on the stock in a report on Friday, February 16th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. The company has an average rating of Buy and a consensus price target of C$46.88.

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Shares of Fortis (FTS) opened at C$43.00 on Friday. Fortis has a 1 year low of C$39.38 and a 1 year high of C$48.73. The firm has a market capitalization of $18,120.00, a P/E ratio of 18.53 and a beta of -0.02.

Fortis (TSE:FTS) last released its quarterly earnings results on Thursday, February 15th. The company reported C$0.62 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of C$0.62. Fortis had a return on equity of 8.20% and a net margin of 16.89%. The company had revenue of C$2.11 billion for the quarter, compared to analyst estimates of C$2.18 billion.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 1st. Shareholders of record on Friday, May 18th will be issued a $0.425 dividend. This represents a $1.70 annualized dividend and a yield of 3.95%. The ex-dividend date is Thursday, May 17th. Fortis’s dividend payout ratio (DPR) is 70.04%.

In related news, Director David Gerard Hutchens bought 16,300 shares of the company’s stock in a transaction on Monday, March 19th. The shares were acquired at an average cost of C$32.74 per share, with a total value of C$533,662.00. Also, Director Gary Joseph Smith sold 10,072 shares of the business’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of C$42.10, for a total value of C$424,031.20. Insiders acquired 16,588 shares of company stock worth $545,890 over the last three months.

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About Fortis

Fortis Inc is a Canada-based electric and gas utility holding company. The Company’s segments include Regulated Utilities and Non-Regulated Utilities. The Regulated Utilities segment includes Regulated Electric & Gas Utilities-the United States, which consists of ITC Holdings Corp. (ITC Holdings), UNS Energy Corporation and Central Hudson Gas & Electric Corporation (Central Hudson); Gas & Electric Utilities-Canadian, which consists of FortisAlberta Inc (FortisAlberta), FortisBC Energy Inc (FortisBC Energy), FortisBC Inc (FortisBC Electric) and Newfoundland Power Inc (Newfoundland Power); Electric Utilities-Caribbean, which includes its ownership interest in Caribbean Utilities Company, Ltd., Fortis Turks and Caicos, and its investment in Belize Electricity Limited.

Analyst Recommendations for Fortis (TSE:FTS)

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