BMO Capital Markets Increases Fortis (TSE:FTS) Price Target to C$59.00

Fortis (TSE:FTS) had its target price lifted by BMO Capital Markets from C$58.50 to C$59.00 in a research report sent to investors on Thursday, BayStreet.CA reports.

FTS has been the topic of several other reports. Raymond James reduced their target price on Fortis from C$62.00 to C$59.00 in a research report on Thursday, April 25th. Wells Fargo & Company raised their target price on shares of Fortis from C$56.00 to C$59.00 in a research report on Wednesday, May 8th. Scotiabank lowered their target price 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. JPMorgan Chase & Co. increased their price target on shares of Fortis from C$52.00 to C$53.00 in a research note on Thursday, July 25th. Finally, CIBC boosted their price objective on shares of Fortis from C$56.00 to C$57.00 and gave the company a neutral rating in a research note on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Hold and an average price target of C$58.17.

Fortis Trading Up 1.9 %

Shares of Fortis stock opened at C$59.01 on Thursday. Fortis has a fifty-two week low of C$49.82 and a fifty-two week high of C$59.15. The business’s fifty day moving average is C$54.55 and its two-hundred day moving average is C$53.95. The company has a quick ratio of 0.36, a current ratio of 0.60 and a debt-to-equity ratio of 128.89. The firm has a market cap of C$29.09 billion, a PE ratio of 18.85, a P/E/G ratio of 2.80 and a beta of 0.18.

Fortis Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Tuesday, August 20th will be given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 4.00%. The ex-dividend date of this dividend is Tuesday, August 20th. Fortis’s dividend payout ratio (DPR) is presently 75.40%.

Insiders Place Their Bets

In related news, Senior Officer James Reid bought 700 shares of the stock in a transaction dated Wednesday, June 19th. The stock was acquired at an average price of C$52.37 per share, for a total transaction of C$36,659.00. 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.