Brokerages Set Fortis Inc. (FTS) Target Price at $49.00

Shares of Fortis Inc. (TSE:FTS) have received a consensus rating of “Buy” from the ten ratings firms that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is C$49.00.

FTS has been the topic of several recent research reports. Royal Bank Of Canada lifted 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 report on Monday, November 6th. J P Morgan Chase & Co decreased their price target on shares of Fortis from C$46.00 to C$45.00 in a research report on Tuesday, September 26th. National Bank Financial restated a “sector perform” rating and issued a C$49.00 price target (up previously from C$48.00) on shares of Fortis in a research report on Tuesday, October 17th. Scotiabank lifted their price target on shares of Fortis from C$50.00 to C$51.00 and gave the stock an “outperform” rating in a research report on Monday, November 6th. Finally, BMO Capital Markets set a C$51.00 price target on shares of Fortis in a research report on Friday, September 15th.

In other Fortis news, insider Earl Ludlow sold 35,056 shares of Fortis stock in a transaction that occurred on Wednesday, October 18th. The shares were sold at an average price of C$46.45, for a total transaction of C$1,628,351.20. Also, Director Jamie Roberts sold 1,569 shares of Fortis stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of C$48.11, for a total transaction of C$75,484.59.

Fortis (TSE:FTS) traded up C$0.17 during trading on Thursday, reaching C$47.44. 461,300 shares of the company’s stock traded hands, compared to its average volume of 823,721. Fortis has a 12-month low of C$40.18 and a 12-month high of C$48.73.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Thursday, February 15th will be given a dividend of $0.425 per share. This represents a $1.70 annualized dividend and a yield of 3.58%. The ex-dividend date is Wednesday, February 14th. Fortis’s payout ratio is 63.25%.

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About Fortis

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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