Fortis Inc. (TSE:FTS) Receives Average Rating of “Hold” from Brokerages

Fortis Inc. (TSE:FTS – Get Rating) has earned an average rating of “Hold” from the thirteen research firms that are currently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is C$58.65.

A number of analysts have recently commented on FTS shares. TD Securities lifted their price target on shares of Fortis from C$63.00 to C$66.00 and gave the stock a “buy” rating in a research note on Thursday, May 4th. UBS Group dropped their price objective on shares of Fortis from C$54.00 to C$53.00 in a report on Friday, May 19th. CSFB raised their price objective on shares of Fortis from C$61.00 to C$62.00 in a report on Wednesday, March 15th. National Bankshares raised their price objective on shares of Fortis from C$56.00 to C$57.00 and gave the stock a “sector perform” rating in a report on Friday, May 5th. Finally, Scotiabank raised their price objective on shares of Fortis from C$58.00 to C$60.00 in a report on Thursday, May 4th.

Fortis Stock Down 1.5 %

TSE:FTS traded down C$0.88 on Thursday, reaching C$57.38. 112,218 shares of the stock traded hands, compared to its average volume of 1,955,531. The company’s fifty day simple moving average is C$58.96 and its 200 day simple moving average is C$56.15. Fortis has a 12 month low of C$48.45 and a 12 month high of C$64.94. The company has a market capitalization of C$27.80 billion, a price-to-earnings ratio of 19.82, a PEG ratio of 3.10 and a beta of 0.17. The company has a current ratio of 0.68, a quick ratio of 0.36 and a debt-to-equity ratio of 127.94.

Fortis Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 1st. Stockholders of record on Thursday, June 1st will be issued a $0.565 dividend. This represents a $2.26 annualized dividend and a dividend yield of 3.94%. The ex-dividend date is Tuesday, May 16th. Fortis’s dividend payout ratio (DPR) is presently 76.87%.

About Fortis

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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 438,000 retail customers in southeastern Arizona; and 100,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,485 megawatts (MW), including 53 MW of solar capacity and 252 MV of wind capacity.