Fortis’ (FTS) Outperform Rating Reaffirmed at Scotiabank
Fortis Inc (TSE:FTS)‘s stock had its “outperform” rating reiterated by analysts at Scotiabank in a report released on Wednesday. They currently have a C$48.00 target price on the stock. Scotiabank’s price objective indicates a potential upside of 18.34% from the company’s current price.
Several other analysts have also weighed in on the stock. CIBC lowered shares of Fortis from an “outperform” rating to a “sector perform” rating in a research note on Wednesday, July 20th. Raymond James Financial Inc. reiterated an “outperform” rating and issued a C$50.00 price objective on shares of Fortis in a research note on Thursday, September 22nd. Royal Bank Of Canada lifted their price objective on shares of Fortis from C$48.00 to C$52.00 and gave the company an “outperform” rating in a research note on Wednesday, August 3rd. CSFB lifted their price target on shares of Fortis from C$42.00 to C$46.00 in a research report on Monday, July 25th. Finally, BMO Capital Markets lifted their price target on shares of Fortis from C$46.00 to C$49.00 in a research report on Thursday, July 7th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Fortis presently has a consensus rating of “Buy” and an average price target of C$46.60.
Fortis (TSE:FTS) traded up 1.58% during mid-day trading on Wednesday, reaching $41.20. 779,182 shares of the company’s stock traded hands. The company has a 50 day moving average price of $41.67 and a 200-day moving average price of $41.64. Fortis has a 12 month low of $35.51 and a 12 month high of $44.87. The stock has a market cap of $11.72 billion and a P/E ratio of 20.97.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders 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 yield of 3.94%. This is an increase from Fortis’s previous quarterly dividend of $0.38.
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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