Fortis Inc. (TSE:FTS) Receives C$79.32 Average PT from Brokerages

Shares of Fortis Inc. (TSE:FTS) have been assigned an average recommendation of “Moderate Buy” from the ten analysts that are presently covering the company, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is C$79.68.

FTS has been the subject of several recent analyst reports. Barclays decreased their target price on shares of Fortis from C$84.00 to C$83.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. TD increased their price target on Fortis from C$83.00 to C$84.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Desjardins raised their price target on Fortis from C$81.00 to C$85.00 and gave the company a “buy” rating in a report on Monday. Raymond James Financial lifted their price objective on shares of Fortis from C$78.50 to C$80.50 and gave the company an “outperform” rating in a research note on Tuesday, April 28th. Finally, Canadian Imperial Bank of Commerce downgraded shares of Fortis from a “strong-buy” rating to a “hold” rating in a report on Friday, July 17th.

Fortis Stock Performance

Shares of FTS stock opened at C$82.14 on Friday. The stock has a market capitalization of C$41.82 billion, a price-to-earnings ratio of 24.23, a PEG ratio of 3.01 and a beta of 0.41. Fortis has a one year low of C$66.21 and a one year high of C$82.87. The company’s 50-day simple moving average is C$79.43 and its 200-day simple moving average is C$77.28. The company has a debt-to-equity ratio of 145.23, a quick ratio of 0.36 and a current ratio of 0.49.

Fortis (TSE:FTS) last posted its quarterly earnings results on Wednesday, May 6th. The company reported C$0.99 earnings per share (EPS) for the quarter. Fortis had a return on equity of 7.51% and a net margin of 14.75%.The business had revenue of C$3.40 billion for the quarter. Equities analysts anticipate that Fortis will post 3.3419913 earnings per share for the current fiscal year.

Fortis Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, June 1st were issued a $0.64 dividend. The ex-dividend date was Friday, May 15th. This represents a $2.56 annualized dividend and a dividend yield of 3.1%. Fortis’s dividend payout ratio (DPR) is 74.04%.

Insider Activity at Fortis

In related news, insider James Reid sold 24,700 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of C$79.21, for a total transaction of C$1,956,487.00. Following the sale, the insider owned 31,283 shares of the company’s stock, valued at C$2,477,926.43. The trade was a 44.12% decrease in their ownership of the stock. Insiders have purchased a total of 572 shares of company stock worth $45,909 in the last quarter. 0.04% of the stock is owned by company insiders.

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. states, with more than 16,000 miles of high-voltage transmission lines in operation serving a peak load in excess of 23 gigawatts.