Raymond James Financial Inc. restated their outperform rating on shares of Fortis Inc (TSE:FTS) in a research report sent to investors on Thursday. They currently have a C$50.00 price target on the stock.
A number of other research firms also recently weighed in on FTS. Scotiabank upped their price target on Fortis from C$46.00 to C$48.00 and gave the stock an outperform rating in a research note on Tuesday, August 2nd. TD Securities reaffirmed a buy rating and set a C$48.00 price target on shares of Fortis in a research note on Monday, July 4th. Royal Bank Of Canada upped their price target on Fortis from C$48.00 to C$52.00 and gave the stock an outperform rating in a research note on Wednesday, August 3rd. CSFB upped their price target on Fortis from C$42.00 to C$46.00 in a research note on Monday, July 25th. Finally, CIBC downgraded Fortis from an outperform rating to a sector perform rating in a research note on Wednesday, July 20th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of Buy and an average target price of C$46.00.
Fortis (TSE:FTS) opened at 42.57 on Thursday. Fortis has a 52 week low of $35.51 and a 52 week high of $44.87. The stock’s 50 day moving average price is $42.19 and its 200 day moving average price is $41.45. The company has a market capitalization of $12.11 billion and a P/E ratio of 21.66.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 19th were issued a $0.375 dividend. This represents a $1.50 annualized dividend and a dividend yield of 3.52%. The ex-dividend date was Wednesday, August 17th.
In other news, insider David Bennett sold 11,815 shares of the company’s stock in a transaction that occurred on Friday, July 8th. The stock was sold at an average price of C$44.01, for a total value of C$519,978.15.
Fortis Inc (Fortis) is a Canada-based electric and gas utility company. The Company’s segments include Regulated Utilities and Non-Regulated Utilities. The Regulated Utilities segment includes Regulated Electric & Gas Utilities-United States, which consists of UNS Energy Corporation (UNS Energy) and Central Hudson Gas & Electric Corporation (Central Hudson); Regulated Gas Utility-Canadian, which consists of FortisBC Energy Inc (FortisBC Energy); Regulated Electric Utilities-Canadian, which consists of FortisAlberta Inc (FortisAlberta), FortisBC Electric and Eastern Canadian, and Regulated Electric Utilities-Caribbean, which includes its ownership interest in Caribbean Utilities Company, Ltd.
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