Brokerages Set Fortis Inc. (FTS) Target Price at $46.88

Shares of Fortis Inc. (TSE:FTS) have received an average recommendation of “Buy” from the nine research firms that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is C$46.88.

FTS has been the topic of several recent research reports. National Bank Financial cut Fortis from a “sector perform market weight” rating to an “underperform market weight” rating in a report on Sunday, January 28th. CIBC boosted their target price on Fortis from C$50.00 to C$51.00 in a report on Friday, March 23rd. Royal Bank of Canada lowered their target price on Fortis from C$53.00 to C$49.00 and set an “outperform” rating on the stock in a report on Friday, February 16th. Raymond James Financial upgraded Fortis from a “market perform” rating to an “outperform” rating in a report on Friday, February 9th. Finally, Scotiabank lowered their target price on Fortis from C$50.00 to C$48.00 and set an “outperform” rating on the stock in a report on Friday, February 16th.

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In related news, Director Gary Joseph Smith sold 10,072 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of C$42.10, for a total value of C$424,031.20. Also, Director David Gerard Hutchens acquired 16,300 shares of the firm’s stock in a transaction that occurred on Monday, March 19th. The stock was acquired at an average price of C$32.74 per share, for a total transaction of C$533,662.00. Insiders purchased 16,588 shares of company stock worth $545,890 over the last quarter.

TSE:FTS traded down C$0.02 during trading hours on Wednesday, hitting C$41.95. 42,388 shares of the stock were exchanged, compared to its average volume of 1,171,056. Fortis has a 52-week low of C$39.38 and a 52-week high of C$48.73.

Fortis (TSE:FTS) last issued its earnings results on Thursday, February 15th. The company reported C$0.62 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of C$0.62. The business had revenue of C$2.11 billion for the quarter, compared to analysts’ expectations of C$2.18 billion. Fortis had a return on equity of 8.20% and a net margin of 16.89%.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 1st. Investors of record on Friday, May 18th will be issued a $0.425 dividend. This represents a $1.70 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date of this dividend is Thursday, May 17th.

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About Fortis

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 422,000 retail customers in southeastern Arizona; and 96,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 2,834 megawatts (MW), including 64 MW of solar capacity.

Analyst Recommendations for Fortis (TSE:FTS)

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