Fortis Inc (TSE:FTS) Price Target Raised to C$49.00

Fortis Inc (TSE:FTS) had its price objective upped by CIBC from C$48.00 to C$49.00 in a research note issued to investors on Tuesday, October 17th.

Other analysts have also recently issued reports about the stock. J P Morgan Chase & Co lowered their target price on shares of Fortis from C$46.00 to C$45.00 in a research note on Tuesday, September 26th. BMO Capital Markets set a C$51.00 target price on shares of Fortis in a research note on Friday, September 15th. TD Securities increased their target price on shares of Fortis from C$48.00 to C$51.00 and gave the stock a buy rating in a research note on Monday, July 31st. Scotiabank reiterated an outperform rating and issued a C$50.00 target price on shares of Fortis in a research note on Monday, July 31st. Finally, Royal Bank Of Canada lowered their target price on shares of Fortis from C$52.00 to C$51.00 and set an outperform rating on the stock in a research note on Monday, July 31st. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of C$48.56.

Fortis (FTS) traded up C$0.63 during midday trading on Tuesday, reaching C$48.13. 311,853 shares of the company’s stock traded hands, compared to its average volume of 716,892. Fortis has a fifty-two week low of C$39.58 and a fifty-two week high of C$48.35.

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The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, December 1st will be given a dividend of $0.425 per share. The ex-dividend date is Friday, November 17th. This represents a $1.70 annualized dividend and a dividend yield of 3.53%. This is a boost from Fortis’s previous quarterly dividend of $0.40.

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

About Fortis

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.

Analyst Recommendations for Fortis (TSE:FTS)

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