Fortis Inc (FTS) Earns Outperform Rating from Scotiabank
Fortis Inc (TSE:FTS)‘s stock had its “outperform” rating reissued by equities research analysts at Scotiabank in a research note issued on Wednesday. They presently have a C$48.00 price objective on the stock. Scotiabank’s price objective points to a potential upside of 18.34% from the stock’s current price.
Several other research analysts have also issued reports on FTS. TD Securities reaffirmed a “buy” rating and set a C$48.00 target price on shares of Fortis in a research report on Monday, July 4th. BMO Capital Markets raised their target price on Fortis from C$46.00 to C$49.00 in a research report on Thursday, July 7th. CIBC lowered Fortis from an “outperform” rating to a “sector perform” rating in a research report on Wednesday, July 20th. CSFB raised their target price on Fortis from C$42.00 to C$46.00 in a research report on Monday, July 25th. Finally, Royal Bank Of Canada raised their target price on Fortis from C$48.00 to C$52.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 3rd. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of C$46.60.
Shares of Fortis (TSE:FTS) traded up 1.90% during mid-day trading on Wednesday, hitting $41.33. The stock had a trading volume of 1,129,245 shares. The firm’s 50 day moving average price is $41.67 and its 200 day moving average price is $41.64. Fortis has a 1-year low of $35.51 and a 1-year high of $44.87. The company has a market cap of $11.76 billion and a P/E ratio of 21.03.
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The firm also recently declared 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 is an increase from Fortis’s previous quarterly dividend of $0.38. This represents a $1.60 dividend on an annualized basis and a yield of 3.94%.
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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