Fortis Inc. (TSE:FTS – Get Free Report) has earned a consensus recommendation of “Moderate Buy” from the ten analysts that are currently covering the stock, MarketBeat reports. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is C$79.68.
Several brokerages recently commented on FTS. Raymond James Financial increased their price target on Fortis from C$78.50 to C$80.50 and gave the company an “outperform” rating in a research report on Tuesday, April 28th. Desjardins upped their price objective on Fortis from C$81.00 to C$85.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Canadian Imperial Bank of Commerce cut Fortis from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 17th. TD increased their price objective on Fortis from C$83.00 to C$84.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Finally, National Bank Financial raised their target price on shares of Fortis from C$75.00 to C$82.00 and gave the company a “sector perform” rating in a research note on Monday, June 1st.
Read Our Latest Report on Fortis
Fortis Stock Up 0.2%
Fortis (TSE:FTS – Get Free Report) last announced its quarterly earnings data on Friday, July 31st. The company reported C$0.78 earnings per share for the quarter. The company had revenue of C$2.93 billion during the quarter. Fortis had a return on equity of 7.43% and a net margin of 14.72%. On average, equities analysts predict that Fortis will post 3.3419913 EPS for the current fiscal year.
Fortis Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, September 1st will be given a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, August 19th. Fortis’s dividend payout ratio (DPR) is 74.56%.
Insider Activity
In other news, insider James Reid sold 421 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of C$79.05, for a total value of C$33,280.05. Following the sale, the insider directly owned 31,283 shares of the company’s stock, valued at approximately C$2,472,921.15. This represents a 1.33% decrease in their position. Over the last quarter, insiders have bought 572 shares of company stock valued at $45,909. 0.04% of the stock is currently owned by corporate insiders.
Fortis Company Profile
Fortis owns and operates 10 utility transmission and distribution assets in Canada and the United States, serving more than 3.4 million electricity and gas customers. The company has smaller stakes in electricity generation and several Caribbean utilities. ITC operates electric transmission in seven U.S. states, with more than 16,000 miles of high-voltage transmission lines in operation serving a peak load in excess of 23 gigawatts.
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