Fortis (FTS) Price Target Increased to C$47.00 by Analysts at National Bank Financial

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Fortis (TSE:FTS) had its price objective raised by National Bank Financial from C$45.00 to C$47.00 in a research note released on Wednesday morning. They currently have a sector perform rating on the stock.

A number of other equities research analysts also recently commented on the stock. CIBC lifted their price target on shares of Fortis from C$47.00 to C$49.00 in a report on Tuesday, January 15th. UBS Group lifted their price target on shares of Fortis from C$49.00 to C$53.00 in a report on Thursday, November 29th. Raymond James reiterated an outperform rating and set a C$50.00 price target on shares of Fortis in a report on Monday, November 5th. Royal Bank of Canada lifted their price target on shares of Fortis from C$49.00 to C$50.00 and gave the stock an outperform rating in a report on Monday, November 5th. Finally, TD Securities lifted their price target on shares of Fortis from C$46.00 to C$48.00 and gave the stock a buy rating in a report on Monday, November 5th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Fortis currently has a consensus rating of Buy and an average target price of C$49.00.

Shares of TSE FTS traded down C$0.14 during midday trading on Wednesday, reaching C$46.16. 370,716 shares of the stock were exchanged, compared to its average volume of 1,034,714. Fortis has a 52-week low of C$39.38 and a 52-week high of C$47.36. The company has a current ratio of 0.59, a quick ratio of 0.33 and a debt-to-equity ratio of 130.09.

Fortis (TSE:FTS) last issued its quarterly earnings results on Friday, November 2nd. The company reported C$0.65 EPS for the quarter, hitting analysts’ consensus estimates of C$0.65. The firm had revenue of C$2.04 billion for the quarter, compared to analysts’ expectations of C$2.14 billion. As a group, analysts expect that Fortis will post 2.67174154354904 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Friday, February 15th will be issued a $0.45 dividend. The ex-dividend date of this dividend is Thursday, February 14th. This represents a $1.80 dividend on an annualized basis and a yield of 3.90%. Fortis’s payout ratio is 74.04%.

In other Fortis news, Director Julie Dobson acquired 2,200 shares of the firm’s stock in a transaction on Thursday, December 6th. The stock was bought at an average cost of C$33.02 per share, for a total transaction of C$72,644.00. Also, insider Nora Duke sold 16,742 shares of the business’s stock in a transaction that occurred on Thursday, December 13th. The stock was sold at an average price of C$47.25, for a total transaction of C$791,059.50.

Fortis Company Profile

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.

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Analyst Recommendations for Fortis (TSE:FTS)

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