Fortis Inc (FTS) Stock Rating Reaffirmed by Scotiabank

Scotiabank restated their outperform rating on shares of Fortis Inc (TSE:FTS) in a research note issued to investors on Monday, July 31st. They currently have a C$50.00 price objective on the stock.

Other equities research analysts also recently issued research reports about the company. CIBC cut their price target on Fortis from C$48.00 to C$47.00 in a report on Wednesday, May 3rd. TD Securities reaffirmed a buy rating and set a C$48.00 price target on shares of Fortis in a report on Wednesday, May 3rd. Royal Bank Of Canada cut their price target on Fortis from C$52.00 to C$51.00 and set an outperform rating for the company in a report on Monday, July 31st. Finally, Barclays PLC raised their price target on Fortis from C$37.00 to C$40.00 and gave the company an overweight rating in a report on Friday, July 21st. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company has an average rating of Buy and a consensus target price of C$47.75.

Fortis (TSE FTS) opened at 45.40 on Monday. Fortis has a 12 month low of $39.58 and a 12 month high of $47.06. The company’s 50-day moving average is $45.16 and its 200-day moving average is $44.23. The company has a market cap of $18.97 billion and a price-to-earnings ratio of 19.56.

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The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Monday, August 21st will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.52%. The ex-dividend date is Thursday, August 17th.

In related news, insider Nora Duke sold 33,688 shares of the firm’s stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of C$46.24, for a total value of C$1,557,733.12. Also, insider Karl W. Smith sold 54,024 shares of the firm’s stock in a transaction on Tuesday, June 6th. The stock was sold at an average price of C$45.53, for a total value of C$2,459,712.72. Insiders have sold 93,248 shares of company stock valued at $4,261,335 in the last three months.

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 420,000 retail customers in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail customers in Arizona’s Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.

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