Fortis (FTS) Sets New 52-Week High Following Analyst Upgrade

Fortis Inc (TSE:FTS) hit a new 52-week high during trading on Monday after CIBC raised their price target on the stock from C$46.00 to C$47.00. The company traded as high as C$44.10 and last traded at C$44.06, with a volume of 661842 shares trading hands. The stock had previously closed at C$43.14.

FTS has been the topic of several other reports. National Bank Financial raised their price target on shares of Fortis from C$44.00 to C$45.00 and gave the stock a “sector perform” rating in a research note on Tuesday, October 16th. BMO Capital Markets decreased their price target on shares of Fortis from C$49.00 to C$48.00 in a research note on Tuesday, September 11th. Industrial Alliance Securities decreased their price target on shares of Fortis from C$51.00 to C$48.00 in a research note on Tuesday, October 9th. Royal Bank of Canada raised their price target on shares of Fortis from C$49.00 to C$50.00 and gave the stock an “outperform” rating in a research note on Monday. Finally, TD Securities raised their price target on shares of Fortis from C$46.00 to C$48.00 and gave the stock a “buy” rating in a research note on Monday. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of C$48.11.

Fortis (TSE:FTS) last released its earnings results on Friday, November 2nd. The company reported C$0.65 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of C$0.65. The company had revenue of C$2.04 billion during the quarter, compared to analyst estimates of C$2.14 billion.

The business also recently announced a quarterly dividend, which will be paid on Saturday, December 1st. Investors of record on Tuesday, November 20th will be given a $0.45 dividend. The ex-dividend date of this dividend is Monday, November 19th. This is a boost from Fortis’s previous quarterly dividend of $0.43. This represents a $1.80 annualized dividend and a dividend yield of 4.07%.

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Fortis Company Profile (TSE:FTS)

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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