Fortis Inc. (TSE:FTS) Receives Average Recommendation of “Reduce” from Brokerages

Fortis Inc. (TSE:FTS) has earned an average recommendation of “Reduce” from the nine brokerages that are currently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is C$62.45.

Several research firms recently issued reports on FTS. Raymond James lifted their price objective on Fortis from C$61.00 to C$62.50 in a research note on Tuesday, February 18th. Royal Bank of Canada lifted their price objective on Fortis from C$65.00 to C$69.00 in a research note on Tuesday, February 18th. Jefferies Financial Group set a C$67.00 price target on Fortis and gave the company a “hold” rating in a research report on Thursday, February 13th. Scotiabank raised their price target on Fortis from C$63.00 to C$66.00 and gave the company a “sector perform” rating in a research report on Thursday, February 13th. Finally, CIBC raised their price target on Fortis from C$64.00 to C$65.00 in a research report on Tuesday, February 18th.

Fortis Price Performance

TSE:FTS opened at C$64.20 on Wednesday. The firm has a market capitalization of C$31.76 billion, a price-to-earnings ratio of 19.06, a P/E/G ratio of 3.01 and a beta of 0.23. Fortis has a 52-week low of C$51.02 and a 52-week high of C$64.48. The stock has a fifty day moving average of C$61.55 and a 200 day moving average of C$61.12. The company has a debt-to-equity ratio of 142.31, a quick ratio of 0.36 and a current ratio of 0.74.

Fortis Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 16th will be issued a $0.615 dividend. This represents a $2.46 annualized dividend and a dividend yield of 3.83%. Fortis’s dividend 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.