Analysts Set Fortis Inc. (FTS) PT at $46.88

Fortis Inc. (TSE:FTS) has earned a consensus recommendation of “Buy” from the nine research firms that are presently covering the company, reports. One analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is C$46.88.

FTS has been the subject of several recent research reports. CIBC boosted their target price on shares of Fortis from C$49.00 to C$50.00 in a research report on Thursday, January 11th. National Bank Financial lowered shares of Fortis from a “sector perform market weight” rating to an “underperform market weight” rating in a research report on Sunday, January 28th. BMO Capital Markets dropped their price target on shares of Fortis from C$51.50 to C$49.00 in a research report on Tuesday, February 6th. Raymond James upgraded shares of Fortis from a “market perform” rating to an “outperform” rating in a research report on Friday, February 9th. Finally, TD Securities dropped their price target on shares of Fortis from C$51.00 to C$46.00 and set a “buy” rating for the company in a research report on Friday, February 16th.

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In related news, Director David Gerard Hutchens bought 16,300 shares of the stock in a transaction dated Monday, March 19th. The shares were purchased at an average price of C$32.74 per share, with a total value of C$533,662.00. Also, Director Gary Joseph Smith sold 10,072 shares of the business’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of C$42.10, for a total transaction of C$424,031.20. Over the last quarter, insiders acquired 16,588 shares of company stock valued at $545,890.

TSE FTS traded up C$0.20 during trading hours on Wednesday, hitting C$42.79. 714,353 shares of the company’s stock traded hands, compared to its average volume of 1,164,513. Fortis has a 52 week low of C$39.38 and a 52 week high of C$48.73.

Fortis (TSE:FTS) last announced its earnings results on Thursday, February 15th. The company reported C$0.62 earnings per share (EPS) for the quarter, meeting the consensus estimate of C$0.62. The company had revenue of C$2.11 billion during the quarter, compared to analyst estimates of C$2.18 billion. Fortis had a net margin of 16.89% and a return on equity of 8.20%.

The company also recently declared a quarterly dividend, which will be paid on Friday, June 1st. Shareholders of record on Friday, May 18th will be given a $0.425 dividend. The ex-dividend date is Thursday, May 17th. This represents a $1.70 dividend on an annualized basis and a dividend yield of 3.97%.

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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 422,000 retail customers in southeastern Arizona; and 96,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 2,834 megawatts (MW), including 64 MW of solar capacity.

Analyst Recommendations for Fortis (TSE:FTS)

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