Fortis Inc (FTS) Receives Consensus Rating of “Buy” from Brokerages

Fortis Inc (TSE:FTS) has received a consensus rating of “Buy” from the ten ratings firms that are presently covering the company, Marketbeat reports. One analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12 month price target among analysts that have covered the stock in the last year is C$49.00.

A number of brokerages have weighed in on FTS. JPMorgan Chase & Co. boosted their target price on shares of Fortis from C$48.00 to C$49.00 in a research note on Monday, November 13th. Royal Bank of Canada boosted their target price on shares of Fortis from C$51.00 to C$53.00 and gave the company an “outperform” rating in a research note on Monday, November 6th. Scotiabank boosted their target price on shares of Fortis from C$50.00 to C$51.00 and gave the company an “outperform” rating in a research note on Monday, November 6th. CIBC boosted their target price on shares of Fortis from C$48.00 to C$49.00 in a research note on Tuesday, October 17th. Finally, National Bank Financial reiterated a “sector perform” rating and set a C$49.00 target price (up from C$48.00) on shares of Fortis in a research note on Tuesday, October 17th.

In other news, Director Jamie Roberts sold 1,569 shares of the business’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of C$48.11, for a total transaction of C$75,484.59. Also, insider Earl Ludlow sold 35,056 shares of the business’s stock in a transaction on Wednesday, October 18th. The shares were sold at an average price of C$46.45, for a total transaction of C$1,628,351.20.

Shares of Fortis (TSE:FTS) traded down C$0.07 on Monday, reaching C$46.11. 413,195 shares of the company’s stock were exchanged, compared to its average volume of 821,142. The stock has a market cap of $19,350.00, a price-to-earnings ratio of 18.52 and a beta of 0.01. Fortis has a 1-year low of C$40.59 and a 1-year high of C$48.73.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Thursday, February 15th will be given a dividend of $0.425 per share. This represents a $1.70 dividend on an annualized basis and a dividend yield of 3.69%. The ex-dividend date is Wednesday, February 14th. Fortis’s payout ratio is 63.25%.

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About Fortis

Fortis Inc is a Canada-based electric and gas utility holding company. The Company’s segments include Regulated Utilities and Non-Regulated Utilities. The Regulated Utilities segment includes Regulated Electric & Gas Utilities-the United States, which consists of ITC Holdings Corp. (ITC Holdings), UNS Energy Corporation and Central Hudson Gas & Electric Corporation (Central Hudson); Gas & Electric Utilities-Canadian, which consists of FortisAlberta Inc (FortisAlberta), FortisBC Energy Inc (FortisBC Energy), FortisBC Inc (FortisBC Electric) and Newfoundland Power Inc (Newfoundland Power); Electric Utilities-Caribbean, which includes its ownership interest in Caribbean Utilities Company, Ltd., Fortis Turks and Caicos, and its investment in Belize Electricity Limited.

Analyst Recommendations for Fortis (TSE:FTS)

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