Trade Report: The Fortis Inc (FTS) Rating Reiterated by Scotiabank

The Fortis Inc (FTS) Rating Reiterated by Scotiabank

Fortis Inc (TSE:FTS)‘s stock had its “outperform” rating reaffirmed by stock analysts at Scotiabank in a note issued to investors on Wednesday. They currently have a C$48.00 price target on the stock. Scotiabank’s price target indicates a potential upside of 17.19% from the company’s current price.

Several other research firms also recently issued reports on FTS. TD Securities restated a “buy” rating and set a C$48.00 price objective on shares of Fortis in a report on Monday, July 4th. Royal Bank Of Canada boosted their price objective on Fortis from C$48.00 to C$52.00 and gave the stock an “outperform” rating in a report on Wednesday, August 3rd. CSFB boosted their price objective on Fortis from C$42.00 to C$46.00 in a report on Monday, July 25th. CIBC downgraded Fortis from an “outperform” rating to a “sector perform” rating in a report on Wednesday, July 20th. Finally, Raymond James Financial Inc. reiterated an “outperform” rating and issued a C$50.00 target price on shares of Fortis in a report on Thursday, September 22nd. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of C$46.60.

Shares of Fortis (TSE:FTS) opened at 40.96 on Wednesday. Fortis has a 1-year low of $35.51 and a 1-year high of $44.87. The stock’s 50 day moving average is $41.58 and its 200-day moving average is $41.63. The stock has a market cap of $11.65 billion and a price-to-earnings ratio of 20.84.

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Friday, November 18th will be paid a $0.40 dividend. This is a boost from Fortis’s previous quarterly dividend of $0.38. This represents a $1.60 annualized dividend and a dividend yield of 3.91%.

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