Analysts Set Fortis Inc. (TSE:FTS) Target Price at C$60.33

Fortis Inc. (TSE:FTS) has been assigned an average rating of “Reduce” from the nine brokerages that are currently covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a sell recommendation and six have assigned a hold recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is C$60.33.

FTS has been the subject of a number of recent analyst reports. Royal Bank of Canada upped their price target on shares of Fortis from C$62.00 to C$65.00 and gave the company a “sector perform” rating in a report on Thursday, October 3rd. Scotiabank upped their price target on shares of Fortis from C$56.00 to C$63.00 and gave the company a “sector perform” rating in a report on Tuesday, August 20th. Raymond James lowered shares of Fortis from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 6th. Bank of America set a C$60.00 price target on shares of Fortis and gave the company an “underperform” rating in a report on Friday, September 20th. Finally, BMO Capital Markets upped their price target on shares of Fortis from C$59.00 to C$61.00 in a report on Thursday, September 5th.

Insider Transactions at Fortis

In other news, Director Gary Joseph Smith sold 21,716 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of C$61.45, for a total value of C$1,334,543.75. Also, Senior Officer Jocelyn Perry sold 11,809 shares of the company’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of C$63.19, for a total transaction of C$746,178.83. Insiders own 0.04% of the company’s stock.

Fortis Trading Down 0.1 %

Shares of FTS opened at C$62.59 on Monday. The firm has a market cap of C$30.99 billion, a price-to-earnings ratio of 19.62, a PEG ratio of 3.01 and a beta of 0.23. The company has a debt-to-equity ratio of 128.59, a quick ratio of 0.36 and a current ratio of 0.69. Fortis has a fifty-two week low of C$51.02 and a fifty-two week high of C$63.40. The firm has a 50 day moving average price of C$61.30 and a 200-day moving average price of C$58.12.

Fortis Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Sunday, December 1st were given a dividend of $0.83 per share. This is an increase from Fortis’s previous quarterly dividend of $0.59. This represents a $3.32 dividend on an annualized basis and a yield of 5.30%. The ex-dividend date of this dividend was Monday, November 18th. Fortis’s payout ratio is presently 77.12%.

About Fortis

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona’s Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.