Fortis Inc (FTS) Receives C$47.88 Average Price Target from Analysts
Shares of Fortis Inc (TSE:FTS) have been given a consensus rating of “Buy” by the nine brokerages that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is C$48.00.
FTS has been the subject of a number of research analyst reports. Barclays PLC lifted their price target on Fortis from C$37.00 to C$40.00 and gave the company an “overweight” rating in a research report on Friday, July 21st. TD Securities lifted their price target on Fortis from C$48.00 to C$51.00 and gave the company a “buy” rating in a research report on Monday, July 31st. Royal Bank Of Canada dropped their price target on Fortis from C$52.00 to C$51.00 and set an “outperform” rating for the company in a research report on Monday, July 31st. Scotiabank reiterated an “outperform” rating and set a C$50.00 price target on shares of Fortis in a research report on Monday, July 31st. Finally, CIBC downgraded Fortis from an “outperform” rating to a “neutral” rating and lifted their price target for the company from C$47.00 to C$48.00 in a research report on Thursday, August 3rd.
Fortis (TSE FTS) traded up 0.36% on Friday, hitting $44.39. 304,641 shares of the stock were exchanged. Fortis has a 52-week low of $39.58 and a 52-week high of $47.06. The company has a 50-day moving average price of $45.54 and a 200-day moving average price of $44.71. The firm has a market cap of $18.55 billion and a PE ratio of 19.13.
The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Monday, August 21st were given a $0.40 dividend. The ex-dividend date was Thursday, August 17th. This represents a $1.60 dividend on an annualized basis and a yield of 3.60%.
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.
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