Fortis Inc. (TSE:FTS – Get Free Report)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$59.61 and last traded at C$59.59, with a volume of 66048 shares changing hands. The stock had previously closed at C$59.57.
Analyst Ratings Changes
Several equities research analysts recently weighed in on FTS shares. JPMorgan Chase & Co. raised their price objective on Fortis from C$52.00 to C$53.00 in a report on Thursday, July 25th. CIBC boosted their price target on Fortis from C$57.00 to C$59.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Wells Fargo & Company raised their price objective on shares of Fortis from C$56.00 to C$59.00 in a report on Wednesday, May 8th. BMO Capital Markets boosted their target price on shares of Fortis from C$58.50 to C$59.00 in a report on Thursday, August 1st. Finally, National Bankshares raised their price target on shares of Fortis from C$55.00 to C$56.00 and gave the company a “sector perform” rating in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of C$58.17.
View Our Latest Analysis on Fortis
Fortis Price Performance
Fortis Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Sunday, September 1st will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.95%. The ex-dividend date is Tuesday, August 20th. Fortis’s dividend payout ratio (DPR) is 75.40%.
Insider Transactions at Fortis
In related news, Senior Officer James Reid bought 700 shares of the business’s stock in a transaction that occurred on Wednesday, June 19th. The shares were bought at an average price of C$52.37 per share, with a total value of C$36,659.00. 0.04% of the stock is currently owned by insiders.
About Fortis
Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.
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