Fortis Inc. (TSE:FTS) Announces Quarterly Dividend of $0.62

Fortis Inc. (TSE:FTS) announced a quarterly dividend on Friday, May 16th, RTT News reports. Stockholders of record on Sunday, June 1st will be given a dividend of 0.615 per share on Sunday, June 1st. This represents a $2.46 annualized dividend and a dividend yield of 3.79%. The ex-dividend date of this dividend is Friday, May 16th.

Fortis Stock Down 0.7%

FTS stock opened at C$64.89 on Wednesday. The company’s 50 day simple moving average is C$65.56 and its 200-day simple moving average is C$62.84. The firm has a market capitalization of C$32.10 billion, a PE ratio of 19.26, a P/E/G ratio of 3.01 and a beta of 0.23. Fortis has a 12 month low of C$52.19 and a 12 month high of C$69.24. The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on FTS. Jefferies Financial Group increased their price target on shares of Fortis from C$67.00 to C$70.00 in a research report on Monday, April 14th. Royal Bank of Canada increased their price target on shares of Fortis from C$69.00 to C$72.00 and gave the company a “sector perform” rating in a research report on Thursday, May 8th. CIBC increased their price target on shares of Fortis from C$68.00 to C$69.00 and gave the company a “neutral” rating in a research report on Thursday, April 24th. UBS Group raised their target price on shares of Fortis from C$58.00 to C$63.00 in a research report on Friday, March 21st. Finally, Raymond James decreased their target price on shares of Fortis from C$69.00 to C$62.50 and set a “market perform” rating on the stock in a research report on Thursday, April 17th. Two analysts have rated the stock with a sell rating and six have issued a hold rating to the company. Based on data from MarketBeat.com, Fortis has an average rating of “Hold” and a consensus price target of C$64.25.

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.