Analysts Set Fortis Inc. (TSE:FTS) PT at C$62.45

Fortis Inc. (TSE:FTS) has received an average recommendation of “Reduce” from the nine research firms that are currently covering the firm, MarketBeat reports. Two analysts have rated the stock with a sell recommendation and seven have issued a hold recommendation on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is C$62.45.

A number of brokerages recently commented on FTS. CIBC increased their price target on Fortis from C$64.00 to C$65.00 in a research report on Tuesday, February 18th. Jefferies Financial Group set a C$67.00 price target on Fortis and gave the company a “hold” rating in a research report on Thursday, February 13th. Raymond James increased their price target on Fortis from C$61.00 to C$62.50 in a research report on Tuesday, February 18th. Royal Bank of Canada increased their price target on Fortis from C$65.00 to C$69.00 in a research report on Tuesday, February 18th. Finally, Scotiabank increased their price objective on Fortis from C$63.00 to C$66.00 and gave the company a “sector perform” rating in a report on Thursday, February 13th.

Fortis Stock Performance

Shares of FTS opened at C$64.20 on Wednesday. The company has a current ratio of 0.74, a quick ratio of 0.36 and a debt-to-equity ratio of 142.31. The company has a market capitalization of C$31.76 billion, a price-to-earnings ratio of 19.06, a PEG ratio of 3.01 and a beta of 0.23. The stock has a 50 day moving average of C$61.55 and a 200 day moving average of C$61.12. Fortis has a 12 month low of C$51.02 and a 12 month high of C$64.48.

Fortis Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 16th will be issued a $0.615 dividend. This represents a $2.46 dividend on an annualized basis and a dividend yield of 3.83%. 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.