Fortis Inc (TSE:FTS) - Equities research analysts at National Bank Financial upped their FY2017 earnings per share estimates for Fortis in a research note issued on Sunday. National Bank Financial analyst P. Kenny now anticipates that the company will post earnings per share of $2.56 for the year, up from their previous forecast of $2.54. National Bank Financial also issued estimates for Fortis’ FY2018 earnings at $2.65 EPS.
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FTS has been the topic of several other reports. Scotiabank raised their target price on Fortis from C$48.00 to C$49.00 and gave the company an “outperform” rating in a report on Monday, April 17th. Barclays PLC raised their target price on Fortis from C$37.00 to C$40.00 and gave the company an “overweight” rating in a report on Friday, July 21st. CIBC cut their target price on Fortis from C$48.00 to C$47.00 in a report on Wednesday, May 3rd. TD Securities restated a “buy” rating and set a C$48.00 target price on shares of Fortis in a report on Wednesday, May 3rd. Finally, Royal Bank Of Canada cut their target price on Fortis from C$52.00 to C$51.00 and set an “outperform” rating on the stock in a report on Monday. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of C$47.63.
Fortis (TSE FTS) traded down 0.58% during midday trading on Wednesday, hitting $45.98. The stock had a trading volume of 179,149 shares. Fortis has a 12-month low of $39.58 and a 12-month high of $47.06. The company’s 50-day moving average price is $45.21 and its 200 day moving average price is $43.85. The stock has a market cap of $19.06 billion and a P/E ratio of 19.85.
In other news, insider Nora Duke sold 33,688 shares of Fortis stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of C$46.24, for a total value of C$1,557,733.12. Also, insider Karl W. Smith sold 54,024 shares of Fortis stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of C$45.53, for a total value of C$2,459,712.72. Insiders sold 93,248 shares of company stock worth $4,261,335 over the last quarter.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Monday, August 21st will be paid a $0.40 dividend. The ex-dividend date of this dividend is Thursday, August 17th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.46%.
Fortis Company Profile
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 420,000 retail customers in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail customers in Arizonas Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.
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