Fortis Inc. (TSE:FTS) Given Average Rating of “Reduce” by Brokerages

Shares of Fortis Inc. (TSE:FTS) have been assigned an average rating of “Reduce” from the nine analysts that are covering the company, Marketbeat reports. Three investment analysts have rated the stock with a sell rating and six have given a hold rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is C$60.89.

Several brokerages have weighed in on FTS. CIBC increased their price target on Fortis from C$63.00 to C$64.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 8th. Royal Bank of Canada raised their target price on Fortis from C$62.00 to C$65.00 and gave the company a “sector perform” rating in a research report on Thursday, October 3rd. Finally, Raymond James cut Fortis from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th.

Fortis Price Performance

Shares of FTS opened at C$60.56 on Tuesday. The business’s 50-day moving average is C$60.97 and its two-hundred day moving average is C$59.47. The company has a market capitalization of C$29.99 billion, a P/E ratio of 18.98, a P/E/G ratio of 3.01 and a beta of 0.23. The company has a debt-to-equity ratio of 128.59, a quick ratio of 0.36 and a current ratio of 0.69. Fortis has a fifty-two week low of C$51.02 and a fifty-two week high of C$63.75.

Fortis Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Sunday, December 1st were paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 5.48%. This is a positive change from Fortis’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Monday, November 18th. Fortis’s dividend payout ratio (DPR) is 77.12%.

Insiders Place Their Bets

In other Fortis news, Senior Officer Keri Linda Glitch bought 450 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were acquired at an average cost of C$61.41 per share, with a total value of C$27,634.59. Following the purchase, the insider now directly owns 450 shares of the company’s stock, valued at C$27,634.59. This trade represents a ∞ increase in their position. Also, Senior Officer Jocelyn Perry sold 11,809 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of C$63.19, for a total transaction of C$746,178.83. Corporate insiders own 0.04% of the company’s stock.

Fortis Company Profile

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.