Fortis Inc. (TSE:FTS) Receives C$64.25 Average PT from Analysts

Fortis Inc. (TSE:FTS) has earned an average recommendation of “Reduce” from the eight brokerages that are currently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation and six have issued a hold recommendation on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is C$64.25.

A number of analysts have commented on the stock. Raymond James Financial cut their price objective on shares of Fortis from C$69.00 to C$62.50 and set a “market perform” rating for the company in a report on Thursday, April 17th. Scotiabank increased their price target on shares of Fortis from C$66.00 to C$70.00 and gave the company a “sector perform” rating in a research note on Thursday, May 8th. Jefferies Financial Group increased their price target on shares of Fortis from C$67.00 to C$70.00 in a research note on Monday, April 14th. UBS Group increased their price target on shares of Fortis from C$58.00 to C$63.00 in a research note on Friday, March 21st. Finally, Royal Bank Of Canada increased their price target on shares of Fortis from C$69.00 to C$72.00 and gave the company a “sector perform” rating in a research note on Thursday, May 8th.

Fortis Stock Down 0.6%

FTS stock opened at C$64.42 on Friday. The company has a market cap of C$31.87 billion, a price-to-earnings ratio of 19.12, a PEG ratio of 3.01 and a beta of 0.23. The company has a current ratio of 0.74, a quick ratio of 0.36 and a debt-to-equity ratio of 142.31. Fortis has a 12 month low of C$52.29 and a 12 month high of C$69.24. The firm has a 50-day moving average of C$66.27 and a two-hundred day moving average of C$63.61.

Fortis Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Sunday, June 1st were given a dividend of $0.615 per share. The ex-dividend date was Friday, May 16th. This represents a $2.46 dividend on an annualized basis and a dividend yield of 3.82%. Fortis’s payout ratio is currently 73.02%.

Fortis Company Profile

Fortis owns and operates 10 utility transmission and distribution assets in Canada and the United States, serving more than 3.4 million electricity and gas customers. The company has smaller stakes in electricity generation and several Caribbean utilities. ITC operates electric transmission in seven U.S.