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

Fortis Inc. (TSE:FTS) has earned a consensus recommendation of “Reduce” from the nine ratings firms that are covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation and seven have given a hold recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is C$62.45.

A number of equities analysts recently commented on the company. CIBC lifted their price target on Fortis from C$64.00 to C$65.00 in a research note on Tuesday, February 18th. Royal Bank of Canada lifted their price target on Fortis from C$65.00 to C$69.00 in a research note on Tuesday, February 18th. Scotiabank lifted their price target on Fortis from C$63.00 to C$66.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 13th. Raymond James lifted their price target on Fortis from C$61.00 to C$62.50 in a research note on Tuesday, February 18th. Finally, Jefferies Financial Group set a C$67.00 price target on Fortis and gave the stock a “hold” rating in a research note on Thursday, February 13th.

Fortis Stock Performance

TSE:FTS opened at C$64.03 on Wednesday. The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36. The firm has a 50-day moving average of C$61.74 and a two-hundred day moving average of C$61.18. The stock has a market cap of C$31.68 billion, a P/E ratio of 19.01, a PEG ratio of 3.01 and a beta of 0.23. Fortis has a 1-year low of C$51.02 and a 1-year high of C$65.26.

Fortis Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 16th will be paid a $0.615 dividend. This represents a $2.46 dividend on an annualized basis and a yield of 3.84%. 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.