Fortis Inc. (TSE:FTS) Receives C$63.05 Average Price Target from Analysts

Shares of Fortis Inc. (TSE:FTS - Get Free Report) have received a consensus rating of "Reduce" from the nine analysts that are currently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is C$63.14.

Several research analysts have commented on the company. CIBC raised their target price on Fortis from C$68.00 to C$69.00 and gave the stock a "neutral" rating in a research note on Thursday, April 24th. UBS Group raised their price target on Fortis from C$58.00 to C$63.00 in a report on Friday, March 21st. Raymond James lowered their price target on Fortis from C$69.00 to C$62.50 and set a "market perform" rating on the stock in a report on Thursday, April 17th. Royal Bank of Canada raised their price target on Fortis from C$65.00 to C$69.00 in a report on Tuesday, February 18th. Finally, Scotiabank raised their price target on Fortis from C$63.00 to C$66.00 and gave the company a "sector perform" rating in a report on Thursday, February 13th.

Fortis Price Performance

TSE FTS traded up C$0.36 during trading hours on Thursday, hitting C$67.54. The company had a trading volume of 1,222,817 shares, compared to its average volume of 1,790,787. Fortis has a 52 week low of C$52.19 and a 52 week high of C$67.68. The firm has a 50 day simple moving average of C$64.77 and a 200 day simple moving average of C$62.39. The company has a debt-to-equity ratio of 142.31, a quick ratio of 0.36 and a current ratio of 0.74. The firm has a market capitalization of C$33.41 billion, a price-to-earnings ratio of 20.05, a PEG ratio of 3.01 and a beta of 0.23.

Fortis Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 16th will be issued a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 3.64%. 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.