Bank of America Analysts Give Fortis (TSE:FTS) a C$60.00 Price Target

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

A number of other analysts have also weighed in on FTS. Scotiabank raised their target price on shares of Fortis from C$56.00 to C$63.00 and gave the company a sector perform rating in a research report on Tuesday, August 20th. Raymond James lifted their price target on shares of Fortis from C$59.00 to C$61.00 and gave the stock an outperform rating in a report on Thursday, August 1st. JPMorgan Chase & Co. lifted their price target on shares of Fortis from C$52.00 to C$53.00 in a report on Thursday, July 25th. National Bankshares lifted 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. Finally, Royal Bank of Canada lifted their price target on shares of Fortis from C$61.00 to C$62.00 and gave the stock a sector perform rating in a report on Thursday, August 1st. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of C$60.10.

Fortis Stock Performance

Shares of TSE:FTS opened at C$60.60 on Friday. The company’s 50 day simple moving average is C$58.86 and its 200 day simple moving average is C$55.61. The stock has a market capitalization of C$30.01 billion, a price-to-earnings ratio of 19.00, a price-to-earnings-growth ratio of 2.80 and a beta of 0.22. The company has a debt-to-equity ratio of 128.59, a current ratio of 0.69 and a quick ratio of 0.36. Fortis has a 1 year low of C$49.82 and a 1 year high of C$62.29.

Fortis (TSE:FTS) last issued its earnings results on Wednesday, July 31st. The company reported C$0.67 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of C$2.67 billion for the quarter, compared to analyst estimates of C$2.71 billion. As a group, research analysts predict that Fortis will post 3.338843 EPS for the current fiscal year.

Fortis Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Sunday, September 1st were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 3.89%. The ex-dividend date was Tuesday, August 20th. Fortis’s dividend payout ratio (DPR) is currently 73.98%.

Insider Buying and Selling at Fortis

In other Fortis news, Senior Officer James Reid sold 19,972 shares of Fortis stock in a transaction on Friday, August 23rd. The shares were sold at an average price of C$59.46, for a total value of C$1,187,493.18. Insiders own 0.04% of the company’s stock.

About Fortis

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.