Fortis Inc. (TSE:FTS) Stock Has Average Price Target of C$79.23 According to Brokerages

Key Points

• Analyst sentiment is moderately bullish: Fortis has a consensus “Moderate Buy” rating from 10 brokerages, with five buys and five holds. The average 12-month price target is C$79.23, modestly above the stock’s C$75.17 opening price.
• Recent analyst actions were mixed: Barclays lowered its target to C$76, while Desjardins raised its target to C$85; CIBC cut its target to C$78.
• Fortis offers a 3.4% dividend yield: The company pays an annualized C$2.56 per share, with a 74.56% payout ratio. In its latest quarter, Fortis reported C$0.78 in earnings per share and C$2.93 billion in revenue.

Fortis Inc. (TSE:FTS - Get Free Report) has received an average recommendation of "Moderate Buy" from the ten brokerages that are presently covering the firm, MarketBeat reports. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is C$79.23.

A number of analysts have commented on the company. Barclays reduced their price target on Fortis from C$82.00 to C$76.00 and set an "overweight" rating for the company in a research report on Wednesday. Desjardins lifted their price objective on Fortis from C$81.00 to C$85.00 and gave the company a "buy" rating in a research report on Monday, July 20th. Finally, Canadian Imperial Bank of Commerce cut their price objective on Fortis from C$82.00 to C$78.00 in a research note on Tuesday, September 22nd.

Fortis Stock Down 0.1%

FTS stock opened at C$75.17 on Thursday. Fortis has a 1-year low of C$69.06 and a 1-year high of C$83.75. The business has a fifty day moving average price of C$77.37 and a 200-day moving average price of C$78.21. The company has a debt-to-equity ratio of 143.60, a current ratio of 0.56 and a quick ratio of 0.36. The stock has a market capitalization of C$38.40 billion, a P/E ratio of 22.11, a P/E/G ratio of 3.01 and a beta of 0.34.

Fortis (TSE:FTS - Get Free Report) last released its quarterly earnings data on Friday, July 31st. The company reported C$0.78 earnings per share for the quarter. The firm had revenue of C$2.93 billion during the quarter. Fortis had a net margin of 14.72% and a return on equity of 7.43%. Equities analysts forecast that Fortis will post 3.3419913 earnings per share for the current fiscal year.

Fortis Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Tuesday, September 1st were issued a dividend of $0.64 per share. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $2.56 dividend on an annualized basis and a yield of 3.4%. Fortis's dividend payout ratio (DPR) is currently 74.56%.

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. states, with more than 16,000 miles of high-voltage transmission lines in operation serving a peak load in excess of 23 gigawatts.

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