Fortis (TSE:FTS) PT Lowered to C$56.00

Fortis (TSE:FTS) had its price objective decreased by investment analysts at Scotiabank from C$60.00 to C$56.00 in a research report issued on Monday, BayStreet.CA reports. The firm presently has a “sector perform” rating on the stock. Scotiabank’s price objective points to a potential upside of 4.93% from the stock’s current price.

FTS has been the topic of several other reports. National Bankshares upped their price target on shares of Fortis from C$52.00 to C$55.00 and gave the company a “sector perform” rating in a report on Tuesday, January 30th. CIBC lowered their price objective on shares of Fortis from C$59.00 to C$56.00 and set a “neutral” rating for the company in a research report on Friday, April 19th. Bank of America boosted their price objective on shares of Fortis from C$49.00 to C$50.00 in a research report on Tuesday, January 16th. BMO Capital Markets lowered their price objective on shares of Fortis from C$58.50 to C$58.00 and set a “market perform” rating for the company in a research report on Monday, February 12th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Fortis from C$53.00 to C$50.00 and set an “underweight” rating for the company in a research report on Monday, January 22nd. One analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of C$57.00.

Fortis Stock Performance

Shares of TSE:FTS opened at C$53.37 on Monday. The company has a market capitalization of C$26.31 billion, a price-to-earnings ratio of 17.22, a PEG ratio of 2.80 and a beta of 0.17. Fortis has a 12 month low of C$49.82 and a 12 month high of C$62.00. The firm’s 50-day moving average is C$53.05 and its 200 day moving average is C$54.19. The company has a current ratio of 0.68, a quick ratio of 0.36 and a debt-to-equity ratio of 128.76.

Fortis (TSE:FTS) last issued its quarterly earnings results on Friday, February 9th. The company reported C$0.72 EPS for the quarter, meeting the consensus estimate of C$0.72. The company had revenue of C$2.89 billion for the quarter, compared to the consensus estimate of C$3.22 billion. Fortis had a net margin of 13.66% and a return on equity of 7.41%. Research analysts predict that Fortis will post 3.2119367 EPS for the current year.

Insider Buying and Selling

In related news, Senior Officer Ronald Hinsley sold 972 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of C$38.79, for a total transaction of C$37,706.21. In related news, Senior Officer Ronald Hinsley sold 972 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of C$38.79, for a total transaction of C$37,706.21. Also, Director Margarita Dilley purchased 960 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were bought at an average price of C$38.57 per share, for a total transaction of C$37,027.20. Insiders bought a total of 2,851 shares of company stock worth $111,115 in the last 90 days. 0.04% of the stock is owned by corporate insiders.

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.