Raymond James Reaffirms Outperform Rating for Fortis (FTS)

Share on StockTwits

Raymond James reissued their outperform rating on shares of Fortis (TSE:FTS) in a research note released on Monday. Raymond James currently has a C$50.00 price target on the stock.

A number of other research analysts have also weighed in on FTS. TD Securities raised their price target on shares of Fortis from C$46.00 to C$48.00 and gave the company a buy rating in a research report on Monday. CIBC raised their price target on shares of Fortis from C$46.00 to C$47.00 in a research report on Monday. Royal Bank of Canada raised their price target on shares of Fortis from C$49.00 to C$50.00 and gave the company an outperform rating in a research report on Monday. National Bank Financial raised their price target on shares of Fortis from C$44.00 to C$45.00 and gave the company a sector perform rating in a research report on Tuesday, October 16th. Finally, Industrial Alliance Securities dropped their price target on shares of Fortis from C$51.00 to C$48.00 in a research report on Tuesday, October 9th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of Buy and an average price target of C$48.11.

FTS opened at C$45.09 on Monday. Fortis has a fifty-two week low of C$39.38 and a fifty-two week high of C$48.73.

Fortis (TSE:FTS) last released its quarterly earnings results on Friday, November 2nd. The company reported C$0.65 earnings per share for the quarter, meeting analysts’ consensus estimates of C$0.65. The firm had revenue of C$2.04 billion for the quarter, compared to the consensus estimate of C$2.14 billion.

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, December 1st. Investors of record on Tuesday, November 20th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date is Monday, November 19th. This is an increase from Fortis’s previous quarterly dividend of $0.43.

About Fortis

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 422,000 retail customers in southeastern Arizona; and 96,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 2,834 megawatts (MW), including 64 MW of solar capacity.

Read More: Balance Sheet

Analyst Recommendations for Fortis (TSE:FTS)

Receive News & Ratings for Fortis Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortis and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply