Fortis (FTS) Price Target Cut to C$48.00

Fortis (TSE:FTS) had its price target reduced by Scotiabank from C$50.00 to C$48.00 in a research note published on Friday. They currently have an outperform rating on the stock.

A number of other analysts also recently issued reports on the stock. National Bank Financial downgraded shares of Fortis from a sector perform market weight rating to an underperform market weight rating in a report on Sunday, January 28th. CIBC boosted their price target on shares of Fortis from C$49.00 to C$50.00 in a research note on Thursday, January 11th. Royal Bank of Canada boosted their price target on shares of Fortis from C$51.00 to C$53.00 and gave the stock an outperform rating in a research note on Monday, November 6th. JPMorgan Chase & Co. boosted their price target on shares of Fortis from C$47.00 to C$48.00 in a research note on Thursday, October 19th. Finally, Raymond James Financial raised shares of Fortis from a market perform rating to an outperform rating in a research note on Friday, February 9th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of C$46.75.

Shares of Fortis (TSE FTS) opened at C$42.08 on Friday. Fortis has a fifty-two week low of C$39.38 and a fifty-two week high of C$48.73. The stock has a market cap of $17,720.00, a price-to-earnings ratio of 18.14 and a beta of -0.06.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 1st. Shareholders of record on Friday, May 18th will be paid a $0.425 dividend. This represents a $1.70 annualized dividend and a yield of 4.04%. The ex-dividend date of this dividend is Thursday, May 17th. Fortis’s dividend payout ratio is presently 70.04%.

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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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