J P Morgan Chase & Co Raises Fortis Inc. (FTS) Price Target to C$49.00

Fortis Inc. (TSE:FTS) had its target price raised by J P Morgan Chase & Co from C$48.00 to C$49.00 in a research report released on Monday morning.

FTS has been the topic of a number of other reports. Barclays PLC boosted their price objective on shares of Fortis from C$37.00 to C$40.00 and gave the company an overweight rating in a report on Friday, July 21st. Royal Bank Of Canada boosted their target price on shares of Fortis from C$51.00 to C$53.00 and gave the company an outperform rating in a research report on Monday, November 6th. National Bank Financial restated a sector perform rating and set a C$49.00 target price (up from C$48.00) on shares of Fortis in a research report on Tuesday, October 17th. Scotiabank boosted their target price on shares of Fortis from C$50.00 to C$51.00 and gave the company an outperform rating in a research report on Monday, November 6th. Finally, CIBC downgraded shares of Fortis from an outperform rating to a neutral rating and boosted their target price for the company from C$47.00 to C$48.00 in a research report on Thursday, August 3rd. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Fortis has an average rating of Buy and an average price target of C$49.00.

Shares of Fortis (TSE FTS) opened at C$48.59 on Monday. Fortis has a 1-year low of C$39.75 and a 1-year high of C$48.73.

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The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, December 1st will be given a $0.425 dividend. The ex-dividend date is Friday, November 17th. This represents a $1.70 dividend on an annualized basis and a dividend yield of 3.50%. This is an increase from Fortis’s previous quarterly dividend of $0.40. Fortis’s dividend payout ratio is 63.25%.

In related news, Director Jamie Roberts sold 1,569 shares of the company’s stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of C$48.11, for a total transaction of C$75,484.59. Also, insider Earl Ludlow sold 35,056 shares of the company’s stock in a transaction dated Wednesday, October 18th. The stock was 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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