FY2017 EPS Estimates for Fortis Inc (TSE:FTS) Increased by Analyst
Fortis Inc (TSE:FTS) – Analysts at National Bank Financial increased their FY2017 earnings per share estimates for Fortis in a research note issued on Sunday. National Bank Financial analyst P. Kenny now forecasts that the company will post earnings of $2.56 per share for the year, up from their prior estimate of $2.54. National Bank Financial also issued estimates for Fortis’ FY2018 earnings at $2.65 EPS.
Other equities research analysts have also recently issued reports about the stock. CIBC dropped their target price on shares of Fortis from C$48.00 to C$47.00 in a report on Wednesday, May 3rd. TD Securities reaffirmed a “buy” rating and issued a C$48.00 target price on shares of Fortis in a report on Wednesday, May 3rd. Scotiabank reaffirmed an “outperform” rating and issued a C$49.00 target price on shares of Fortis in a report on Wednesday, May 3rd. Royal Bank Of Canada dropped their target price on shares of Fortis from C$52.00 to C$51.00 and set an “outperform” rating on the stock in a report on Monday. Finally, Barclays PLC upped their target price on shares of Fortis from C$37.00 to C$40.00 and gave the company an “overweight” rating in a report on Friday, July 21st. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of C$47.75.
Shares of Fortis (TSE:FTS) traded down 0.26% during mid-day trading on Wednesday, hitting $45.71. The company had a trading volume of 366,629 shares. The company has a market capitalization of $19.10 billion and a P/E ratio of 19.69. Fortis has a one year low of $39.58 and a one year high of $47.06. The firm’s 50-day moving average price is $45.21 and its 200 day moving average price is $43.85.
In other Fortis news, insider Karl W. Smith sold 54,024 shares of the stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of C$45.53, for a total transaction of C$2,459,712.72. Also, insider Nora Duke sold 33,688 shares of the stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of C$46.24, for a total transaction of C$1,557,733.12. In the last 90 days, insiders have sold 93,248 shares of company stock worth $4,261,335.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Monday, August 21st will be given a dividend of $0.40 per share. The ex-dividend date is Thursday, August 17th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.49%.
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 420,000 retail customers in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail customers in Arizonas Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.
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