Fortis Inc. (TSE:FTS) Receives C$62.50 Consensus Target Price from Analysts

Fortis Inc. (TSE:FTS) has received an average rating of “Reduce” from the nine research firms that are covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation and seven have assigned a hold recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is C$62.50.

FTS has been the subject of several research analyst reports. Raymond James upped their target price on shares of Fortis from C$61.00 to C$62.50 in a research note on Tuesday, February 18th. Jefferies Financial Group set a C$67.00 price objective on shares of Fortis and gave the stock a “hold” rating in a report on Thursday, February 13th. CIBC increased their target price on shares of Fortis from C$64.00 to C$65.00 in a research note on Tuesday, February 18th. Scotiabank boosted their price target on Fortis from C$63.00 to C$66.00 and gave the company a “sector perform” rating in a research note on Thursday, February 13th. Finally, Royal Bank of Canada upped their price target on Fortis from C$65.00 to C$69.00 in a report on Tuesday, February 18th.

Fortis Price Performance

TSE FTS opened at C$66.03 on Friday. The stock has a 50-day simple moving average of C$63.19 and a 200 day simple moving average of C$61.71. Fortis has a twelve month low of C$51.02 and a twelve month high of C$66.39. The stock has a market capitalization of C$32.67 billion, a PE ratio of 19.60, a P/E/G ratio of 3.01 and a beta of 0.23. The company has a debt-to-equity ratio of 142.31, a quick ratio of 0.36 and a current ratio of 0.74.

Fortis Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 16th will be paid a $0.615 dividend. This represents a $2.46 annualized dividend and a yield of 3.73%. Fortis’s dividend payout ratio is 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.