Fortis (FTS) Price Target Lowered to C$49.00 at Royal Bank of Canada

Fortis (TSE:FTS) had its target price trimmed by Royal Bank of Canada from C$53.00 to C$49.00 in a research report released on Friday morning. The brokerage currently has an outperform rating on the stock.

FTS has been the topic of several other reports. CIBC increased their price target on shares of Fortis from C$49.00 to C$50.00 in a research note on Thursday, January 11th. JPMorgan Chase & Co. increased their price target on shares of Fortis from C$48.00 to C$49.00 in a research note on Monday, November 13th. Scotiabank increased their price target 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. Raymond James Financial raised shares of Fortis from a market perform rating to an outperform rating in a research note on Friday, February 9th. Finally, BMO Capital Markets decreased their price target on shares of Fortis from C$51.50 to C$49.00 in a research note on Tuesday, February 6th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of C$46.89.

Fortis (FTS) traded up C$1.52 on Friday, hitting C$42.08. 2,534,100 shares of the stock traded hands, compared to its average volume of 1,260,000. Fortis has a twelve month low of C$39.38 and a twelve month high of C$48.73. The company has a market capitalization of $17,720.00, a PE ratio of 18.14 and a beta of -0.06.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 1st. Stockholders of record on Friday, May 18th will be paid a dividend of $0.425 per share. The ex-dividend date is Thursday, May 17th. This represents a $1.70 annualized dividend and a dividend yield of 4.04%. Fortis’s dividend payout ratio (DPR) is currently 68.97%.

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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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