Fortis Inc. (FTS) Given Consensus Rating of “Buy” by Brokerages

Shares of Fortis Inc. (TSE:FTS) have earned a consensus recommendation of “Buy” from the ten analysts that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is C$48.89.

Several equities research analysts recently issued reports on the stock. Scotiabank raised their target price on shares of Fortis from C$50.00 to C$51.00 and gave the company an “outperform” rating in a research note on Monday, November 6th. Royal Bank Of Canada raised their target price on shares of Fortis from C$51.00 to C$53.00 and gave the company an “outperform” rating in a research note on Monday, November 6th. CIBC raised their target price on shares of Fortis from C$48.00 to C$49.00 in a research note on Tuesday, October 17th. TD Securities raised their target price on shares of Fortis from C$48.00 to C$51.00 and gave the company a “buy” rating in a research note on Monday, July 31st. Finally, National Bank Financial reiterated a “sector perform” rating and issued a C$49.00 target price (up from C$48.00) on shares of Fortis in a research note on Tuesday, October 17th.

In other Fortis news, Director Jamie Roberts sold 1,569 shares of the firm’s 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 the firm’s stock in a transaction that occurred on Wednesday, October 18th. The stock was sold at an average price of C$46.45, for a total transaction of C$1,628,351.20.

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Shares of Fortis (FTS) traded down C$0.29 during midday trading on Friday, hitting C$47.84. The stock had a trading volume of 476,614 shares, compared to its average volume of 833,657. Fortis has a 12 month low of C$39.58 and a 12 month high of C$48.46.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, December 1st will be paid a $0.425 dividend. This is an increase from Fortis’s previous quarterly dividend of $0.40. This represents a $1.70 annualized dividend and a yield of 3.55%. The ex-dividend date of this dividend is Friday, November 17th. Fortis’s dividend payout ratio (DPR) is 63.25%.

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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