Fortis Inc. (TSE:FTS) has been given an average recommendation of “Buy” by the nine brokerages that are presently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is C$46.63.
Several equities research analysts have recently weighed in on the company. Scotiabank lowered Fortis from an “outperform” rating to a “sector perform” rating and set a C$48.00 price objective on the stock. in a research note on Wednesday. CIBC lowered their price objective on Fortis from C$50.00 to C$48.00 in a research note on Wednesday. National Bank Financial upped their price objective on Fortis from C$43.00 to C$44.00 and gave the company a “sector perform” rating in a research note on Wednesday. Royal Bank of Canada reduced their target price on Fortis from C$53.00 to C$49.00 and set an “outperform” rating on the stock in a report on Friday, February 16th. Finally, TD Securities reduced their target price on Fortis from C$51.00 to C$46.00 and set a “buy” rating on the stock in a report on Friday, February 16th.
In other Fortis news, Director Gary Joseph Smith sold 10,072 shares of the company’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. Also, Director David Gerard Hutchens acquired 16,300 shares of Fortis stock in a transaction on Monday, March 19th. The shares were purchased at an average cost of C$32.74 per share, for a total transaction of C$533,662.00. Insiders bought a total of 16,588 shares of company stock worth $545,890 over the last three months.
FTS traded up C$0.37 on Friday, hitting C$43.38. 632,600 shares of the stock traded hands, compared to its average volume of 1,093,338. Fortis has a 52 week low of C$39.38 and a 52 week high of C$48.73.
Fortis (TSE:FTS) last issued its quarterly earnings results on Tuesday, May 1st. The company reported C$0.69 earnings per share (EPS) for the quarter, meeting the consensus estimate of C$0.69. Fortis had a return on equity of 8.20% and a net margin of 16.89%. The firm had revenue of C$2.20 billion for the quarter, compared to analyst estimates of C$2.13 billion.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 1st. Stockholders of record on Friday, May 18th will be issued a $0.425 dividend. This represents a $1.70 annualized dividend and a dividend yield of 3.92%. The ex-dividend date is Thursday, May 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 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.
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