Analysts Set Fortis Inc. (TSE:FTS) Target Price at C$64.25

Fortis Inc. (TSE:FTS - Get Free Report) has been given a consensus recommendation of "Reduce" by the eight research firms that are currently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation and six have assigned a hold recommendation 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$64.25.

Several brokerages recently issued reports on FTS. UBS Group upped their price target on Fortis from C$58.00 to C$63.00 in a report on Friday, March 21st. Jefferies Financial Group boosted their price objective on Fortis from C$67.00 to C$70.00 in a research report on Monday, April 14th. Raymond James reduced their price objective on Fortis from C$69.00 to C$62.50 and set a "market perform" rating for the company in a research note on Thursday, April 17th. Royal Bank of Canada upped their price objective on Fortis from C$69.00 to C$72.00 and gave the company a "sector perform" rating in a research note on Thursday, May 8th. Finally, CIBC upped their price objective on Fortis from C$68.00 to C$69.00 and gave the company a "neutral" rating in a research note on Thursday, April 24th.

Fortis Stock Down 1.0%

Fortis stock traded down C$0.67 during trading on Friday, hitting C$64.78. 1,240,365 shares of the company were exchanged, compared to its average volume of 1,808,331. The business's 50 day moving average is C$66.16 and its 200 day moving average is C$63.58. Fortis has a 52 week low of C$52.19 and a 52 week high of C$69.24. The company has a market capitalization of C$32.05 billion, a P/E ratio of 19.23, a PEG 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 Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Sunday, June 1st were given a dividend of $0.615 per share. The ex-dividend date of this dividend was Friday, May 16th. This represents a $2.46 dividend on an annualized basis and a dividend yield of 3.80%. Fortis's dividend payout ratio 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.