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

Shares of Fortis Inc. (TSE:FTS - Get Free Report) have earned an average rating of "Reduce" from the eight research firms that are currently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is C$64.25.

Several equities analysts have commented on the stock. Jefferies Financial Group lifted their target price on shares of Fortis from C$67.00 to C$70.00 in a research report on Monday, April 14th. UBS Group lifted their price target on shares of Fortis from C$58.00 to C$63.00 in a report on Friday, March 21st. Royal Bank of Canada lifted their price target on shares of Fortis from C$69.00 to C$72.00 and gave the stock a "sector perform" rating in a report on Thursday, May 8th. Scotiabank lifted their price target on shares of Fortis from C$66.00 to C$70.00 and gave the stock a "sector perform" rating in a report on Thursday, May 8th. Finally, CIBC lifted their price target on shares of Fortis from C$68.00 to C$69.00 and gave the stock a "neutral" rating in a report on Thursday, April 24th.

Fortis Stock Up 0.3%

FTS stock traded up C$0.20 during mid-day trading on Friday, reaching C$65.45. 1,800,024 shares of the company traded hands, compared to its average volume of 1,813,313. The stock has a market cap of C$32.38 billion, a price-to-earnings ratio of 19.43, a P/E/G ratio of 3.01 and a beta of 0.23. The company has a quick ratio of 0.36, a current ratio of 0.74 and a debt-to-equity ratio of 142.31. Fortis has a fifty-two week low of C$52.19 and a fifty-two week high of C$69.24. The firm's 50 day moving average price is C$66.13 and its 200 day moving average price is C$63.56.

Fortis Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Sunday, June 1st were issued a $0.615 dividend. The ex-dividend date was Friday, May 16th. This represents a $2.46 annualized dividend and a dividend yield of 3.76%. Fortis's payout ratio is currently 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.