Fortis Inc (FTS) Receives Consensus Rating of “Buy” from Brokerages

Shares of Fortis Inc (TSE:FTS) have received a consensus recommendation of “Buy” from the nine research firms that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is C$46.88.

Several analysts have weighed in on the company. CIBC lifted their price objective on Fortis from C$49.00 to C$50.00 in a research report on Thursday, January 11th. National Bank Financial cut Fortis from a “sector perform market weight” rating to an “underperform market weight” rating in a research report on Sunday, January 28th. Royal Bank of Canada cut their price objective on Fortis from C$53.00 to C$49.00 and set an “outperform” rating on the stock in a research report on Friday, February 16th. Scotiabank cut their price objective on Fortis from C$50.00 to C$48.00 and set an “outperform” rating on the stock in a research report on Friday, February 16th. Finally, TD Securities cut their price objective on Fortis from C$51.00 to C$46.00 and set a “buy” rating on the stock in a research report on Friday, February 16th.

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In related news, Director David Gerard Hutchens purchased 16,300 shares of the company’s stock in a transaction dated Monday, March 19th. The shares were purchased at an average cost of C$32.74 per share, with a total value of C$533,662.00. Also, Director Gary Joseph Smith sold 10,072 shares of the business’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. Over the last three months, insiders bought 16,588 shares of company stock worth $545,890.

Fortis stock traded up C$0.09 during trading hours on Wednesday, hitting C$42.37. 467,090 shares of the stock traded hands, compared to its average volume of 1,202,240. Fortis has a one year low of C$39.38 and a one year high of C$48.73.

Fortis (TSE:FTS) last posted its quarterly earnings data on Thursday, February 15th. The company reported C$0.62 earnings per share for the quarter, meeting 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 business also recently declared a quarterly dividend, which will be paid on Friday, June 1st. Stockholders of record on Friday, May 18th will be given a $0.425 dividend. The ex-dividend date is Thursday, May 17th. This represents a $1.70 dividend on an annualized basis and a dividend yield of 4.01%.

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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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