Fortis Inc (TSE:FTS) had its price target lifted by TD Securities from C$48.00 to C$51.00 in a report issued on Monday, July 31st. They currently have a buy rating on the stock.
A number of other research firms have also recently weighed in on FTS. Barclays PLC raised their price target on Fortis from C$37.00 to C$40.00 and gave the company an overweight rating in a report on Friday, July 21st. Scotiabank reiterated an outperform rating and issued a C$49.00 price objective on shares of Fortis in a research report on Wednesday, May 3rd. Finally, CIBC decreased their price objective on Fortis from C$48.00 to C$47.00 in a research report on Wednesday, May 3rd. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of C$47.75.
Shares of Fortis (TSE:FTS) traded up 0.11% on Monday, reaching $45.97. The company’s stock had a trading volume of 626,509 shares. The stock has a market capitalization of $19.21 billion and a price-to-earnings ratio of 19.81. The stock has a 50-day moving average of $45.24 and a 200 day moving average of $44.13. Fortis has a 52 week low of $39.58 and a 52 week high of $47.06.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Monday, August 21st will be given 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 yield of 3.48%.
In other news, insider Nora Duke sold 33,688 shares of the firm’s stock in a transaction on 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 David Bennett purchased 13,401 shares of Fortis stock in a transaction dated Monday, June 19th. The stock was bought at an average price of C$45.99 per share, for a total transaction of C$616,311.99. Insiders sold a total of 93,248 shares of company stock worth $4,261,335 over the last 90 days.
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 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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