Fortis (FTS) Price Target Lowered to C$48.00 at Scotiabank

Fortis (TSE:FTS) had its price objective reduced by Scotiabank from C$50.00 to C$48.00 in a research report released on Friday, February 16th. They currently have an outperform rating on the stock.

FTS has been the topic of several other reports. JPMorgan Chase & Co. boosted their target price on Fortis from C$47.00 to C$48.00 in a report on Thursday, October 19th. Royal Bank of Canada upped their target price on shares of Fortis from C$51.00 to C$53.00 and gave the company an outperform rating in a research report on Monday, November 6th. CIBC upped their price objective on shares of Fortis from C$49.00 to C$50.00 in a research report on Thursday, January 11th. National Bank Financial cut shares of Fortis from a sector perform market weight rating to an underperform market weight rating in a research report on Sunday, January 28th. Finally, BMO Capital Markets reduced their target price on shares of Fortis from C$51.50 to C$49.00 in a research note on Tuesday, February 6th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Fortis presently has an average rating of Buy and an average price target of C$46.75.

Fortis (TSE:FTS) traded down C$0.10 during trading on Friday, hitting C$42.99. The stock had a trading volume of 809,626 shares, compared to its average volume of 1,179,375. The company has a market capitalization of $18,160.00, a price-to-earnings ratio of 18.53 and a beta of -0.02. Fortis has a twelve month low of C$39.38 and a twelve month high of C$48.73.

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 1st. Stockholders of record on Friday, May 18th will be issued a dividend of $0.425 per share. The ex-dividend date of this dividend is Thursday, May 17th. This represents a $1.70 annualized dividend and a dividend yield of 3.95%. Fortis’s dividend payout ratio is presently 70.04%.

In other news, Director Gary Joseph Smith sold 10,072 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of C$42.10, for a total transaction of C$424,031.20.

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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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