Brokerages Set Fortis Inc (FTS) PT at $49.00

Fortis Inc (TSE:FTS) has earned an average rating of “Buy” from the ten research firms that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is C$49.00.

A number of brokerages have commented on FTS. Royal Bank of Canada increased their price objective on Fortis from C$51.00 to C$53.00 and gave the company an “outperform” rating in a research report on Monday, November 6th. Scotiabank increased their price objective on Fortis from C$50.00 to C$51.00 and gave the company an “outperform” rating in a research report on Monday, November 6th. J P Morgan Chase & Co increased their price objective on Fortis from C$48.00 to C$49.00 in a research report on Monday, November 13th. CIBC increased their price objective on Fortis from C$48.00 to C$49.00 in a research report on Tuesday, October 17th. Finally, National Bank Financial reiterated a “sector perform” rating and issued a C$49.00 price objective (up from C$48.00) on shares of Fortis in a research report on Tuesday, October 17th.

In other news, insider Earl Ludlow sold 35,056 shares of the firm’s stock in a transaction on Wednesday, October 18th. The stock was sold at an average price of C$46.45, for a total value of C$1,628,351.20. Also, Director Jamie Roberts sold 1,569 shares of the firm’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of C$48.11, for a total value of C$75,484.59.

Shares of Fortis (TSE:FTS) traded down C$0.34 on Thursday, reaching C$47.00. The company’s stock had a trading volume of 996,609 shares, compared to its average volume of 822,936. Fortis has a 52-week low of C$40.25 and a 52-week high of C$48.73.

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Thursday, February 15th will be given a $0.425 dividend. The ex-dividend date of this dividend is Wednesday, February 14th. This represents a $1.70 annualized dividend and a dividend yield of 3.62%. Fortis’s dividend payout ratio is currently 63.25%.

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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.

Analyst Recommendations for Fortis (TSE:FTS)

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