Fortis Inc. (TSE:FTS) Receives Consensus Rating of "Moderate Buy" from Analysts

Key Points

• Fortis Inc. has received an average rating of "Moderate Buy" from eight analysts, with a 12-month price target of C$70.89.
• The company recently announced a quarterly dividend of $0.615 per share, resulting in an annualized dividend yield of 3.6%.
• Fortis operates 10 utility transmission and distribution assets across Canada and the U.S., serving over 3.4 million customers.

Shares of Fortis Inc. (TSE:FTS - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the eight analysts that are covering the company, MarketBeat.com reports. Five research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is C$70.89.

FTS has been the subject of a number of research analyst reports. National Bankshares raised their target price on Fortis from C$65.00 to C$67.00 and gave the company a "sector perform" rating in a research note on Tuesday, August 5th. TD Securities lifted their price objective on Fortis from C$74.00 to C$77.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. Raymond James Financial boosted their price target on Fortis from C$69.00 to C$72.00 and gave the company an "outperform" rating in a report on Tuesday, August 5th. Jefferies Financial Group boosted their price objective on Fortis from C$70.00 to C$72.00 in a research report on Monday, September 15th. Finally, Cibc World Mkts upgraded Fortis from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 21st.

Fortis Price Performance

Shares of Fortis stock traded down C$0.09 during trading on Friday, hitting C$67.89. 174,103 shares of the stock traded hands, compared to its average volume of 1,611,609. The company has a quick ratio of 0.36, a current ratio of 0.74 and a debt-to-equity ratio of 142.31. The stock has a market cap of C$34.19 billion, a price-to-earnings ratio of 19.97, a PEG ratio of 3.01 and a beta of 0.38. The firm's fifty day moving average is C$68.17 and its 200-day moving average is C$66.39. Fortis has a 52 week low of C$57.98 and a 52 week high of C$71.02.

Fortis Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Monday, September 1st were paid a $0.615 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $2.46 annualized dividend and a yield of 3.6%. Fortis's dividend payout ratio is 71.62%.

About Fortis

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.