Raymond James Financial Inc. Reiterates “Outperform” Rating for Fortis Inc (FTS)
Fortis Inc (TSE:FTS)‘s stock had its “outperform” rating reaffirmed by analysts at Raymond James Financial Inc. in a research note issued on Thursday. They presently have a C$50.00 target price on the stock. Raymond James Financial Inc.’s price objective points to a potential upside of 18.23% from the stock’s previous close.
Other research analysts have also recently issued reports about the company. TD Securities increased their price target on Fortis from C$48.00 to C$49.00 and gave the company a “buy” rating in a research report on Tuesday, August 2nd. Royal Bank Of Canada raised their price objective on Fortis from C$48.00 to C$52.00 and gave the company an “outperform” rating in a research report on Wednesday, August 3rd. Scotiabank raised their price objective on Fortis from C$46.00 to C$48.00 and gave the company an “outperform” rating in a research report on Tuesday, August 2nd. CSFB raised their price objective on Fortis from C$42.00 to C$46.00 in a research report on Monday, July 25th. Finally, BMO Capital Markets raised their price objective on Fortis from C$46.00 to C$49.00 in a research report on Thursday, July 7th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of C$46.00.
Shares of Fortis (TSE:FTS) traded up 0.12% during mid-day trading on Thursday, reaching $42.34. The company had a trading volume of 375,781 shares. Fortis has a 12-month low of $35.51 and a 12-month high of $44.87. The stock has a market capitalization of $12.05 billion and a P/E ratio of 21.55. The firm’s 50 day moving average is $42.21 and its 200-day moving average is $41.45.
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The company also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 19th were paid a dividend of $0.375 per share. The ex-dividend date of this dividend was Wednesday, August 17th. This represents a $1.50 dividend on an annualized basis and a dividend yield of 3.55%.
In other Fortis news, insider David Bennett sold 11,815 shares of the firm’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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