Scotiabank Lowers Fortis (FTS) Price Target to C$48.00

Fortis (TSE:FTS) had its price objective reduced by Scotiabank from C$50.00 to C$48.00 in a research report report published on Friday morning. Scotiabank currently has an outperform rating on the stock.

Other analysts also recently issued reports about the company. Royal Bank of Canada lifted their price objective on Fortis from C$51.00 to C$53.00 and gave the company an outperform rating in a report on Monday, November 6th. JPMorgan Chase & Co. lifted their price objective on Fortis from C$48.00 to C$49.00 in a report on Monday, November 13th. CIBC lifted their price objective on Fortis from C$49.00 to C$50.00 in a report on Thursday, January 11th. National Bank Financial downgraded Fortis from a sector perform market weight rating to an underperform market weight rating in a report on Sunday, January 28th. Finally, TD Securities decreased their price objective on Fortis from C$51.00 to C$46.00 and set a buy rating for the company in a report on Friday. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Fortis has a consensus rating of Buy and an average price target of C$46.75.

Shares of Fortis (FTS) opened at C$42.08 on Friday. Fortis has a 52-week low of C$39.38 and a 52-week high of C$48.73. The firm has a market capitalization of $17,720.00, a price-to-earnings ratio of 18.14 and a beta of -0.06.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 1st. Investors of record on Friday, May 18th will be issued a $0.425 dividend. The ex-dividend date of this dividend is Thursday, May 17th. This represents a $1.70 annualized dividend and a dividend yield of 4.04%. Fortis’s payout ratio is currently 68.97%.

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Fortis Company Profile

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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