Fortis Inc. (TSE:FTS – Get Free Report) has been assigned 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 assigned a buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is C$79.68.
A number of analysts have issued reports on FTS shares. Canadian Imperial Bank of Commerce downgraded Fortis from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 17th. National Bank Financial upped their price target on Fortis from C$75.00 to C$82.00 and gave the company a “sector perform” rating in a research report on Monday, June 1st. Finally, Desjardins increased their price target 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.
View Our Latest Analysis on Fortis
Fortis Stock Up 0.3%
Fortis (TSE:FTS – Get Free Report) last issued its quarterly earnings results on Friday, July 31st. The company reported C$0.78 earnings per share (EPS) for the quarter. The company had revenue of C$2.93 billion during the quarter. Fortis had a net margin of 14.72% and a return on equity of 7.43%. As a group, equities analysts expect that Fortis will post 3.3419913 earnings per share for the current year.
Fortis Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Tuesday, September 1st were issued a dividend of $0.64 per share. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $2.56 annualized dividend and a yield of 3.3%. Fortis’s dividend payout ratio is 74.56%.
Insiders Place Their Bets
In other Fortis news, insider James Reid sold 24,700 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of C$79.21, for a total transaction of C$1,956,487.00. Following the completion of the transaction, the insider owned 31,283 shares in the company, valued at C$2,477,926.43. This trade represents a 44.12% decrease in their ownership of the stock. Insiders have bought a total of 572 shares of company stock worth $45,909 in the last three months. 0.04% of the stock is owned by company 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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