Fortis (TSE:FTS) Given New C$56.00 Price Target at National Bankshares

Fortis (TSE:FTS) had its target price boosted by National Bankshares from C$55.00 to C$56.00 in a research note issued to investors on Thursday morning, BayStreet.CA reports. National Bankshares currently has a sector perform rating on the stock.

A number of other brokerages have also recently issued reports on FTS. JPMorgan Chase & Co. upped their target price on Fortis from C$52.00 to C$53.00 in a research report on Thursday, July 25th. CIBC raised their target price on shares of Fortis from C$57.00 to C$59.00 and gave the stock a neutral rating in a research report on Thursday. Royal Bank of Canada upped their price target on shares of Fortis from C$61.00 to C$62.00 and gave the company a sector perform rating in a research report on Thursday. Wells Fargo & Company increased their price target on shares of Fortis from C$56.00 to C$59.00 in a research note on Wednesday, May 8th. Finally, Scotiabank dropped their price objective on shares of Fortis from C$60.00 to C$56.00 and set a sector perform rating on the stock in a research note on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Hold and a consensus price target of C$58.17.

Fortis Stock Performance

TSE FTS opened at C$59.01 on Thursday. The company has a fifty day moving average of C$54.55 and a two-hundred day moving average of C$53.95. The company has a market capitalization 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 has a 1 year low of C$49.82 and a 1 year high of C$59.15. The company has a debt-to-equity ratio of 128.89, a current ratio of 0.60 and a quick ratio of 0.36.

Fortis Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Tuesday, August 20th will be issued a dividend of $0.59 per share. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $2.36 annualized dividend and a yield of 4.00%. Fortis’s dividend payout ratio is currently 75.40%.

Insiders Place Their Bets

In other Fortis news, Senior Officer James Reid acquired 700 shares of the company’s stock in a transaction that occurred on Wednesday, June 19th. The shares were purchased at an average price of C$52.37 per share, with a total value of C$36,659.00. 0.04% of the stock is currently owned by 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.