National Bank Financial Lowers Fortis (FTS) to Underperform Market Weight
FTS has been the subject of a number of other reports. Royal Bank of Canada increased their price objective on shares of Fortis from C$51.00 to C$53.00 and gave the stock an outperform rating in a research note on Monday, November 6th. CIBC increased their price objective on shares of Fortis from C$49.00 to C$50.00 in a research note on Thursday, January 11th. JPMorgan Chase & Co. increased their price objective on shares of Fortis from C$48.00 to C$49.00 in a research note on Monday, November 13th. Finally, Scotiabank increased their price objective on shares of Fortis from C$50.00 to C$51.00 and gave the stock an outperform rating in a research note on Monday, November 6th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average target price of C$49.11.
Fortis (TSE:FTS) opened at C$43.46 on Friday. Fortis has a one year low of C$40.85 and a one year high of C$48.73. The company has a market cap of $17,970.00, a PE ratio of 17.45 and a beta of 0.01.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Investors of record on Thursday, February 15th will be paid a $0.425 dividend. The ex-dividend date is Wednesday, February 14th. This represents a $1.70 annualized dividend and a yield of 3.91%. Fortis’s dividend payout ratio (DPR) is currently 64.26%.
In related news, Director Jamie Roberts sold 1,569 shares of the firm’s stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of C$48.11, for a total value of C$75,484.59.
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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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