Fortis Inc. (TSE:FTS) Given Consensus Rating of "Reduce" by Brokerages

Shares of Fortis Inc. (TSE:FTS - Get Free Report) have received an average recommendation of "Reduce" from the eight research firms that are covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is C$64.25.

FTS has been the topic of several analyst reports. Raymond James dropped their target price 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 target price on Fortis from C$69.00 to C$72.00 and gave the stock a "sector perform" rating in a report on Thursday, May 8th. CIBC raised their target price on Fortis from C$68.00 to C$69.00 and gave the stock a "neutral" rating in a report on Thursday, April 24th. UBS Group raised their target price on Fortis from C$58.00 to C$63.00 in a report on Friday, March 21st. Finally, Jefferies Financial Group raised their target price on Fortis from C$67.00 to C$70.00 in a report on Monday, April 14th.

Fortis Stock Performance

Shares of FTS stock traded up C$0.18 during mid-day trading on Monday, reaching C$66.34. The stock had a trading volume of 1,691,020 shares, compared to its average volume of 1,825,610. The business's fifty day moving average is C$65.82 and its 200-day moving average is C$63.15. The company has a current ratio of 0.74, a quick ratio of 0.36 and a debt-to-equity ratio of 142.31. The firm has a market cap of C$32.82 billion, a price-to-earnings ratio of 19.69, a PEG ratio of 3.01 and a beta of 0.23. Fortis has a 1-year low of C$52.19 and a 1-year high of C$69.24.

Fortis Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Sunday, June 1st will be given a dividend of $0.615 per share. The ex-dividend date is Friday, May 16th. This represents a $2.46 dividend on an annualized basis and a yield of 3.71%. Fortis's dividend payout ratio is currently 73.02%.

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.