Fortis Inc. (FTS) Reaches New 12-Month High at $48.47
Fortis Inc. (TSE:FTS) shares hit a new 52-week high on Wednesday . The company traded as high as C$48.47 and last traded at C$48.26, with a volume of 551222 shares changing hands. The stock had previously closed at C$48.02.
A number of research analysts have weighed in on FTS shares. BMO Capital Markets set a C$51.00 price target on shares of Fortis in a research report on Friday, September 15th. J P Morgan Chase & Co lifted their price target on shares of Fortis from C$47.00 to C$48.00 in a research report on Thursday, October 19th. Barclays PLC lifted their price target on shares of Fortis from C$37.00 to C$40.00 and gave the company an “overweight” rating in a research report on Friday, July 21st. Scotiabank reaffirmed an “outperform” rating and set a C$50.00 price target on shares of Fortis in a research report on Monday, July 31st. Finally, National Bank Financial reaffirmed a “sector perform” rating and set a C$49.00 price target (up from C$48.00) on shares of Fortis in a research report on Tuesday, October 17th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Fortis presently has an average rating of “Buy” and a consensus target price of C$49.00.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, December 1st will be paid a dividend of $0.425 per share. The ex-dividend date of this dividend is Friday, November 17th. This represents a $1.70 dividend on an annualized basis and a dividend yield of 3.50%. This is a positive change from Fortis’s previous quarterly dividend of $0.40. Fortis’s dividend payout ratio (DPR) is currently 63.25%.
In other news, Director Jamie Roberts sold 1,569 shares of Fortis stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of C$48.11, for a total transaction of C$75,484.59. Also, insider Earl Ludlow sold 35,056 shares of Fortis stock in a transaction that occurred on Wednesday, October 18th. The shares were sold at an average price of C$46.45, for a total transaction of C$1,628,351.20.
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Fortis Company Profile
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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