Brokerages Set Fortis Inc. (TSE:FTS) PT at C$64.25

Fortis Inc. (TSE:FTS) has earned an average rating of “Reduce” from the eight brokerages that are currently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation and six have given a hold recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is C$64.25.

A number of equities research analysts have commented on the company. UBS Group increased their target price on Fortis from C$58.00 to C$63.00 in a report on Friday, March 21st. Scotiabank raised their price objective on Fortis from C$66.00 to C$70.00 and gave the company a “sector perform” rating in a research report on Thursday, May 8th. CIBC lifted their target price on Fortis from C$68.00 to C$69.00 and gave the stock a “neutral” rating in a research report on Thursday, April 24th. Royal Bank of Canada lifted their target price on Fortis from C$69.00 to C$72.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 8th. Finally, Raymond James dropped their price target on Fortis from C$69.00 to C$62.50 and set a “market perform” rating on the stock in a research report on Thursday, April 17th.

Fortis Stock Performance

FTS opened at C$65.45 on Friday. The stock’s 50 day simple moving average is C$66.13 and its 200 day simple moving average is C$63.57. The stock has a market cap of C$32.38 billion, a P/E ratio of 19.43, a P/E/G ratio of 3.01 and a beta of 0.23. The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36. Fortis has a 1-year low of C$52.19 and a 1-year high of C$69.24.

Fortis Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Sunday, June 1st were issued a dividend of $0.615 per share. This represents a $2.46 annualized dividend and a dividend yield of 3.76%. The ex-dividend date was Friday, May 16th. 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.