Fortis Inc. (TSE:FTS) Stock Has Consensus Target Price of C$79.23

Fortis Inc. (TSE:FTS) has been assigned a consensus rating of “Moderate Buy” from the ten brokerages that are presently covering the company, MarketBeat Ratings reports. Five research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is C$79.23.

FTS has been the topic of a number of research reports. Desjardins boosted their target price on shares of Fortis from C$81.00 to C$85.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Barclays decreased their price target on shares of Fortis from C$82.00 to C$76.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, Canadian Imperial Bank of Commerce dropped their price target on Fortis from C$82.00 to C$78.00 in a report on Tuesday, September 22nd.

Fortis Price Performance

TSE:FTS opened at C$75.31 on Thursday. The company has a quick ratio of 0.36, a current ratio of 0.56 and a debt-to-equity ratio of 143.60. The business’s 50-day moving average price is C$77.07 and its 200 day moving average price is C$78.15. Fortis has a 52-week low of C$69.06 and a 52-week high of C$83.75. The firm has a market cap of C$38.48 billion, a P/E ratio of 22.15, a PEG ratio of 3.01 and a beta of 0.34.

Fortis (TSE:FTS) last issued its quarterly earnings results on Friday, July 31st. The company reported C$0.78 earnings per share for the quarter. Fortis had a net margin of 14.72% and a return on equity of 7.43%. The company had revenue of C$2.93 billion during the quarter. As a group, sell-side analysts predict that Fortis will post 3.3419913 earnings per share for the current fiscal year.

Fortis Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Tuesday, September 1st were paid a dividend of $0.64 per share. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $2.56 annualized dividend and a dividend yield of 3.4%. Fortis’s dividend payout ratio (DPR) is currently 74.56%.

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