Fortis’ (FTS) Outperform Rating Reiterated at Scotiabank

Scotiabank restated their outperform rating on shares of Fortis Inc (TSE:FTS) in a research report sent to investors on Wednesday morning. The firm currently has a C$48.00 price objective on the stock.

FTS has been the topic of several other research reports. CIBC lifted their price target on shares of Fortis from C$44.00 to C$47.00 in a research note on Wednesday, September 28th. Raymond James Financial Inc. reaffirmed an outperform rating and set a C$50.00 price target on shares of Fortis in a research note on Thursday, September 22nd. 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. BMO Capital Markets lifted their price target on shares of Fortis from C$46.00 to C$49.00 in a research note on Thursday, July 7th. Finally, CSFB lifted their price target on shares of Fortis from C$42.00 to C$46.00 in a research note on Monday, July 25th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Fortis presently has a consensus rating of Buy and a consensus target price of C$46.60.

Shares of Fortis (TSE:FTS) opened at 41.95 on Wednesday. Fortis has a 52 week low of $35.51 and a 52 week high of $44.87. The stock’s 50 day moving average is $41.55 and its 200 day moving average is $41.64. The firm has a market cap of $11.93 billion and a P/E ratio of 21.35.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Friday, November 18th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.81%. This is an increase from Fortis’s previous quarterly dividend of $0.38.

Fortis Company Profile

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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