Scotiabank Reiterates “Outperform” Rating for Fortis Inc (TSE:FTS)

Scotiabank reiterated their outperform rating on shares of Fortis Inc (TSE:FTS) in a research report report published on Monday, July 31st. Scotiabank currently has a C$50.00 target price on the stock.

Several other research analysts have also weighed in on the stock. Royal Bank Of Canada lowered their target price on shares of Fortis from C$52.00 to C$51.00 and set an outperform rating on the stock in a research report on Monday, July 31st. TD Securities upped their target price on shares of Fortis from C$48.00 to C$51.00 and gave the stock a buy rating in a research report on Monday, July 31st. Barclays PLC upped their target price on shares of Fortis from C$37.00 to C$40.00 and gave the stock an overweight rating in a research report on Friday, July 21st. Finally, CIBC lowered their target price on shares of Fortis from C$48.00 to C$47.00 in a research report on Wednesday, May 3rd. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Fortis has a consensus rating of Buy and a consensus price target of C$47.75.

Fortis (FTS) traded down 0.07% during midday trading on Monday, hitting $45.92. The stock had a trading volume of 571,132 shares. The stock has a 50 day moving average of $45.26 and a 200 day moving average of $44.06. The stock has a market cap of $19.19 billion and a price-to-earnings ratio of 19.78. Fortis has a 12 month low of $39.58 and a 12 month high of $47.06.

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The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders 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 annualized dividend and a dividend yield of 3.48%.

In other news, insider Karl W. Smith sold 54,024 shares of the stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of C$45.53, for a total value of C$2,459,712.72. Also, insider Nora Duke sold 33,688 shares of the stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of C$46.24, for a total transaction of C$1,557,733.12. Insiders sold 93,248 shares of company stock worth $4,261,335 over the last quarter.

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 Arizona’s Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.

Analyst Recommendations for Fortis (TSE:FTS)

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