Fortis Inc (FTS) PT Raised to C$47.00
Fortis Inc (TSE:FTS) had its target price lifted by stock analysts at CIBC from C$44.00 to C$47.00 in a research report issued to clients and investors on Wednesday. CIBC’s price objective would suggest a potential upside of 11.11% from the company’s current price.
Several other brokerages have also recently weighed in on FTS. Scotiabank lifted their price objective on Fortis from C$46.00 to C$48.00 and gave the company an “outperform” rating in a report on Tuesday, August 2nd. TD Securities reaffirmed a “buy” rating and issued a C$48.00 price objective on shares of Fortis in a report on Monday, July 4th. Royal Bank Of Canada lifted their price objective on Fortis from C$48.00 to C$52.00 and gave the company an “outperform” rating in a report on Wednesday, August 3rd. CSFB lifted their price objective on Fortis from C$42.00 to C$46.00 in a report on Monday, July 25th. Finally, Raymond James Financial Inc. reaffirmed an “outperform” rating and issued a C$50.00 price objective on shares of Fortis in a report on Thursday, September 22nd. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Fortis presently has an average rating of “Buy” and an average target price of C$46.27.
Shares of Fortis (TSE:FTS) traded down 0.69% during trading on Wednesday, reaching $42.01. The company’s stock had a trading volume of 297,262 shares. Fortis has a 12 month low of $35.51 and a 12 month high of $44.87. The company’s 50 day moving average price is $42.11 and its 200 day moving average price is $41.53. The firm has a market cap of $11.95 billion and a PE ratio of 21.38.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Friday, November 18th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.78%. This is a boost from Fortis’s previous quarterly dividend of $0.38.
In other news, insider David Bennett sold 11,815 shares of the business’s stock in a transaction on Friday, July 8th. The stock was sold at an average price of C$44.01, for a total transaction of C$519,978.15.
Fortis Company Profile
Fortis Inc (Fortis) is a Canada-based electric and gas utility company. The Company’s segments include Regulated Utilities and Non-Regulated Utilities. The Regulated Utilities segment includes Regulated Electric & Gas Utilities-United States, which consists of UNS Energy Corporation (UNS Energy) and Central Hudson Gas & Electric Corporation (Central Hudson); Regulated Gas Utility-Canadian, which consists of FortisBC Energy Inc (FortisBC Energy); Regulated Electric Utilities-Canadian, which consists of FortisAlberta Inc (FortisAlberta), FortisBC Electric and Eastern Canadian, and Regulated Electric Utilities-Caribbean, which includes its ownership interest in Caribbean Utilities Company, Ltd.
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