Fortis Inc (TSE:FTS) Given Consensus Recommendation of “Buy” by Brokerages
Fortis Inc (TSE:FTS) has earned a consensus recommendation of “Buy” from the eight analysts that are covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is C$47.43.
A number of research firms have recently weighed in on FTS. Scotiabank restated an “outperform” rating and issued a C$49.00 price target on shares of Fortis in a report on Wednesday, May 3rd. TD Securities restated a “buy” rating and issued a C$48.00 price target on shares of Fortis in a report on Wednesday, May 3rd. Barclays PLC raised their price target on shares of Fortis from C$37.00 to C$40.00 and gave the company an “overweight” rating in a report on Friday, July 21st. CIBC cut shares of Fortis from an “outperform” rating to a “neutral” rating and raised their price target for the company from C$47.00 to C$48.00 in a report on Thursday. Finally, Royal Bank Of Canada lowered their price target on shares of Fortis from C$52.00 to C$51.00 and set an “outperform” rating on the stock in a report on Monday.
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In related news, insider David Bennett bought 13,401 shares of the stock in a transaction that occurred on Monday, June 19th. The stock was bought at an average cost of C$45.99 per share, for a total transaction of C$616,311.99. Also, insider Nora Duke sold 33,688 shares of Fortis stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of C$46.24, for a total transaction of C$1,557,733.12. Insiders sold a total of 93,248 shares of company stock valued at $4,261,335 over the last quarter.
Shares of Fortis (TSE FTS) traded up 0.15% on Friday, hitting $45.90. 666,760 shares of the stock traded hands. Fortis has a 52-week low of $39.58 and a 52-week high of $47.06. The stock has a market cap of $19.18 billion and a P/E ratio of 19.78. The stock’s 50 day moving average price is $45.21 and its 200 day moving average price is $43.85.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Monday, August 21st will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date of this dividend is Thursday, August 17th.
Fortis Company Profile
Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 420,000 retail customers in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail customers in Arizonas Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.
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