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

Shares of Fortis Inc. (TSE:FTS) have been given a consensus rating of “Reduce” by the nine research firms that are covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating and seven have issued a hold rating on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is C$62.45.

A number of equities research analysts have recently weighed in on FTS shares. Raymond James lifted their price target on Fortis from C$61.00 to C$62.50 in a report on Tuesday, February 18th. CIBC lifted their price target on Fortis from C$64.00 to C$65.00 in a report on Tuesday, February 18th. Royal Bank of Canada lifted their price target on Fortis from C$65.00 to C$69.00 in a report on Tuesday, February 18th. Scotiabank upped their target price on Fortis from C$63.00 to C$66.00 and gave the stock a “sector perform” rating in a research report on Thursday, February 13th. Finally, Jefferies Financial Group set a C$67.00 price target on Fortis and gave the company a “hold” rating in a research report on Thursday, February 13th.

Fortis Stock Performance

FTS opened at C$64.03 on Wednesday. The business’s 50 day moving average is C$61.74 and its 200-day moving average is C$61.18. The stock has a market cap of C$31.68 billion, a PE ratio of 19.01, a price-to-earnings-growth 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 twelve month low of C$51.02 and a twelve month high of C$65.26.

Fortis Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 16th will be given a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 3.84%. Fortis’s dividend payout ratio (DPR) is presently 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.