Fortis (TSE:FTS – Free Report) had its price target trimmed by Royal Bank of Canada from C$65.00 to C$61.00 in a report released on Monday, BayStreet.CA reports. The brokerage currently has a sector perform rating on the stock.
Other research analysts have also issued research reports about the company. UBS Group decreased their target price on Fortis from C$54.00 to C$53.00 in a research report on Friday, May 19th. BMO Capital Markets cut their target price on Fortis from C$59.00 to C$58.50 and set a market perform rating for the company in a research note on Friday. TD Securities cut their target price on Fortis from C$65.00 to C$63.00 and set a buy rating for the company in a research note on Thursday, August 3rd. CSFB raised their target price on Fortis from C$60.50 to C$61.50 and gave the stock a neutral rating in a research note on Thursday, August 24th. Finally, CIBC cut their price objective on Fortis from C$61.00 to C$59.00 and set a neutral rating for the company in a research report on Friday, July 21st. Six analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Fortis presently has an average rating of Hold and an average price target of C$58.39.
Fortis Stock Performance
Fortis (TSE:FTS – Get Free Report) last posted its quarterly earnings data on Wednesday, August 2nd. The company reported C$0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of C$0.61 by C$0.01. Fortis had a net margin of 12.82% and a return on equity of 7.20%. The firm had revenue of C$2.59 billion for the quarter, compared to the consensus estimate of C$2.63 billion. Research analysts expect that Fortis will post 3.1320423 EPS for the current fiscal year.
Fortis Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Monday, August 21st were issued a $0.565 dividend. This represents a $2.26 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date was Friday, August 18th. Fortis’s dividend payout ratio is currently 76.35%.
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 443,000 retail customers in southeastern Arizona; and 102,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,328 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.
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