Analysts Set Fortis Inc. (TSE:FTS) PT at C$62.50

Fortis Inc. (TSE:FTS) has received an average rating of “Reduce” from the nine analysts that are currently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation and seven have assigned a hold recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is C$62.77.

FTS has been the subject of several recent analyst reports. UBS Group raised their price target on Fortis from C$58.00 to C$63.00 in a report on Friday, March 21st. Jefferies Financial Group set a C$67.00 target price on shares of Fortis and gave the stock a “hold” rating in a research report on Thursday, February 13th. Scotiabank raised their price target on shares of Fortis from C$63.00 to C$66.00 and gave the stock a “sector perform” rating in a report on Thursday, February 13th. Royal Bank of Canada lifted their price objective on shares of Fortis from C$65.00 to C$69.00 in a research note on Tuesday, February 18th. Finally, CIBC upped their target price on Fortis from C$65.00 to C$68.00 in a research report on Friday.

Fortis Stock Performance

Shares of FTS stock opened at C$65.71 on Friday. 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 cap of C$32.51 billion, a PE ratio of 19.50, a PEG ratio of 3.01 and a beta of 0.23. Fortis has a 12-month low of C$51.02 and a 12-month high of C$67.52. The business’s fifty day simple moving average is C$63.51 and its 200-day simple moving average is C$61.81.

Fortis Dividend Announcement

The business also recently declared 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 3.74%. 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.