Fortis Inc. (TSE:FTS) Given Average Recommendation of “Reduce” by Brokerages

Fortis Inc. (TSE:FTS) has been assigned an average rating of “Reduce” from the nine analysts that are presently covering the firm, MarketBeat 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 issued ratings on the stock in the last year is C$61.80.

Several equities research analysts have issued reports on the company. Raymond James lowered Fortis from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 6th. Scotiabank lifted their price target on Fortis from C$63.00 to C$66.00 and gave the stock a “sector perform” rating in a research note on Thursday. Jefferies Financial Group set a C$67.00 price target on Fortis and gave the stock a “hold” rating in a research note on Thursday. Finally, CIBC lifted their price target on Fortis from C$63.00 to C$64.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 8th.

Insider Activity at Fortis

In related news, Senior Officer Jocelyn Perry sold 11,809 shares of the business’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of C$63.19, for a total transaction of C$746,178.83. 0.04% of the stock is owned by company insiders.

Fortis Trading Up 1.2 %

Shares of FTS stock opened at C$63.64 on Friday. The company has a quick ratio of 0.36, a current ratio of 0.74 and a debt-to-equity ratio of 142.31. The business has a 50-day moving average price of C$60.71 and a two-hundred day moving average price of C$60.51. Fortis has a 12-month low of C$51.02 and a 12-month high of C$64.39. The firm has a market cap of C$31.48 billion, a P/E ratio of 18.89, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23.

Fortis Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders 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 dividend yield of 3.87%. Fortis’s dividend payout ratio (DPR) is presently 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.