Brokerages Set Fortis Inc. (TSE:FTS) Price Target at C$63.05

Shares of Fortis Inc. (TSE:FTS) have received an average rating of “Reduce” from the nine brokerages that are presently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation and seven have given a hold recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is C$63.14.

FTS has been the subject of a number of research analyst reports. UBS Group upped their price objective on shares of Fortis from C$58.00 to C$63.00 in a research report on Friday, March 21st. CIBC upped their price objective on shares of Fortis from C$68.00 to C$69.00 and gave the stock a “neutral” rating in a research report on Thursday, April 24th. Scotiabank upped their price objective on shares of Fortis from C$63.00 to C$66.00 and gave the stock a “sector perform” rating in a research report on Thursday, February 13th. Jefferies Financial Group upped their price objective on shares of Fortis from C$67.00 to C$70.00 in a research report on Monday, April 14th. Finally, Raymond James reduced their target price on shares of Fortis from C$69.00 to C$62.50 and set a “market perform” rating for the company in a research report on Thursday, April 17th.

Fortis Stock Performance

TSE:FTS opened at C$67.18 on Thursday. The company has a debt-to-equity ratio of 142.31, a quick ratio of 0.36 and a current ratio of 0.74. The company has a fifty day moving average of C$64.66 and a two-hundred day moving average of C$62.35. The stock has a market capitalization of C$33.23 billion, a PE ratio of 19.94, a P/E/G ratio of 3.01 and a beta of 0.23. Fortis has a fifty-two week low of C$52.19 and a fifty-two week high of C$67.68.

Fortis Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 16th will be given a dividend of $0.615 per share. This represents a $2.46 annualized dividend and a yield of 3.66%. 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.