Fortis Inc. (TSE:FTS) Given Consensus Rating of “Reduce” by Brokerages

Shares of Fortis Inc. (TSE:FTS) have received an average rating of “Reduce” from the nine brokerages that are covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation and seven have assigned a hold recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is C$62.50.

Several equities analysts recently weighed in on the stock. Raymond James raised their price target on shares of Fortis from C$61.00 to C$62.50 in a research report on Tuesday, February 18th. CIBC lifted their target price on Fortis from C$64.00 to C$65.00 in a research report on Tuesday, February 18th. UBS Group upped their price target on Fortis from C$58.00 to C$63.00 in a report on Friday, March 21st. Jefferies Financial Group set a C$67.00 price objective on Fortis and gave the company a “hold” rating in a research note on Thursday, February 13th. Finally, Scotiabank upped their target price on shares of 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.

Fortis Stock Performance

FTS opened at C$64.82 on Friday. Fortis has a 1-year low of C$51.02 and a 1-year high of C$65.28. The company has a market cap of C$32.07 billion, a price-to-earnings ratio of 19.24, a PEG ratio of 3.01 and a beta of 0.23. The company’s fifty day moving average price is C$62.99 and its two-hundred day moving average price is C$61.62. 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 Dividend Announcement

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 3.80%. Fortis’s payout ratio is 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.