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

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

FTS has been the subject of a number of other research reports. Royal Bank Of Canada increased 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. Scotiabank increased 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. Barclays PLC increased their target price on shares of Fortis from C$37.00 to C$40.00 and gave the company an overweight rating in a research report on Friday, July 21st. TD Securities increased their target price on shares of 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, CIBC downgraded shares of Fortis from an outperform rating to a neutral rating and increased their target price for the company from C$47.00 to C$48.00 in a research report on Thursday, August 3rd. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of C$49.00.

Fortis (TSE FTS) traded up C$0.24 during trading hours on Monday, reaching C$48.26. 551,122 shares of the company’s stock were exchanged, compared to its average volume of 831,858. Fortis has a twelve month low of C$39.58 and a twelve month high of C$48.46.

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The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, December 1st will be issued a $0.425 dividend. This is a boost from Fortis’s previous quarterly dividend of $0.40. This represents a $1.70 dividend on an annualized basis and a dividend yield of 3.52%. The ex-dividend date is Friday, November 17th. Fortis’s dividend payout ratio (DPR) is currently 63.25%.

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

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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