Fortis Inc. (TSE:FTS) Given Average Recommendation of “Reduce” by Analysts

Fortis Inc. (TSE:FTS) has been assigned an average recommendation of “Reduce” from the nine ratings firms that are covering the company, MarketBeat reports. Two analysts have rated the stock with a sell rating and seven have issued a hold rating on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is C$62.50.

Several equities research analysts have issued reports on the company. Jefferies Financial Group set a C$67.00 target price on Fortis and gave the stock a “hold” rating in a research report on Thursday, February 13th. UBS Group raised their price objective on shares of Fortis from C$58.00 to C$63.00 in a research report on Friday, March 21st. Raymond James upped their target price on shares of Fortis from C$61.00 to C$62.50 in a report on Tuesday, February 18th. Royal Bank of Canada raised their price target on shares of Fortis from C$65.00 to C$69.00 in a report on Tuesday, February 18th. Finally, Scotiabank upped their price target on shares of Fortis from C$63.00 to C$66.00 and gave the stock a “sector perform” rating in a report on Thursday, February 13th.

Fortis Stock Performance

Shares of FTS stock opened at C$64.82 on Friday. The firm’s 50 day moving average is C$62.99 and its 200 day moving average is C$61.62. The stock has a market capitalization of C$32.07 billion, a P/E ratio of 19.24, a PEG ratio of 3.01 and a beta of 0.23. Fortis has a 12 month low of C$51.02 and a 12 month high of C$65.28. 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 business also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 16th will be given a $0.615 dividend. This represents a $2.46 annualized dividend and a yield of 3.80%. Fortis’s dividend payout ratio (DPR) is presently 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.