Fortis Inc (FTS) Sets New 1-Year High After Analyst Upgrade

Fortis Inc (TSE:FTS) hit a new 52-week high during mid-day trading on Monday after Royal Bank Of Canada raised their price target on the stock from C$51.00 to C$53.00. Royal Bank Of Canada currently has an outperform rating on the stock. Fortis traded as high as C$48.36 and last traded at C$48.08, with a volume of 321656 shares changing hands. The stock had previously closed at C$47.50.

Other research analysts also recently issued reports about the company. J P Morgan Chase & Co lowered their target price on Fortis from C$46.00 to C$45.00 in a research report on Tuesday, September 26th. BMO Capital Markets set a C$51.00 target price on Fortis in a research report on Friday, September 15th. CIBC increased their target price on Fortis from C$48.00 to C$49.00 in a research report on Tuesday, October 17th. TD Securities increased their target price on Fortis from C$48.00 to C$51.00 and gave the company a “buy” rating in a research report on Monday, July 31st. Finally, Scotiabank increased their target price on Fortis from C$50.00 to C$51.00 and gave the company an “outperform” rating in a research report on Monday. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of C$48.89.

In related news, insider Earl Ludlow sold 35,056 shares of the firm’s stock in a transaction on Wednesday, October 18th. The stock was sold at an average price of C$46.45, for a total value of C$1,628,351.20.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, December 1st will be paid a $0.425 dividend. This is a positive change from Fortis’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, November 17th. This represents a $1.70 dividend on an annualized basis and a yield of 3.53%.

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Fortis Company Profile

Fortis Inc is a Canada-based electric and gas utility holding company. The Company’s segments include Regulated Utilities and Non-Regulated Utilities. The Regulated Utilities segment includes Regulated Electric & Gas Utilities-the United States, which consists of ITC Holdings Corp. (ITC Holdings), UNS Energy Corporation and Central Hudson Gas & Electric Corporation (Central Hudson); Gas & Electric Utilities-Canadian, which consists of FortisAlberta Inc (FortisAlberta), FortisBC Energy Inc (FortisBC Energy), FortisBC Inc (FortisBC Electric) and Newfoundland Power Inc (Newfoundland Power); Electric Utilities-Caribbean, which includes its ownership interest in Caribbean Utilities Company, Ltd., Fortis Turks and Caicos, and its investment in Belize Electricity Limited.

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