Brokerages Set Fortis Inc. (TSE:FTS) Target Price at C$62.50

Shares of Fortis Inc. (TSE:FTS) have been given a consensus rating of “Reduce” by the nine analysts that are covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation and seven have given a hold recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is C$62.50.

A number of analysts recently commented on FTS shares. UBS Group boosted their target price on shares of Fortis from C$58.00 to C$63.00 in a report on Friday, March 21st. Scotiabank upped their price target 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. Raymond James increased their price objective on Fortis from C$61.00 to C$62.50 in a research report on Tuesday, February 18th. CIBC lifted their target price on Fortis from C$64.00 to C$65.00 in a report on Tuesday, February 18th. Finally, Royal Bank of Canada upped their target price on Fortis from C$65.00 to C$69.00 in a report on Tuesday, February 18th.

Fortis Price Performance

Shares of Fortis stock opened at C$66.68 on Friday. Fortis has a 52 week low of C$51.02 and a 52 week high of C$67.52. 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’s 50-day moving average price is C$63.42 and its two-hundred day moving average price is C$61.78. The stock has a market cap of C$32.99 billion, a PE ratio of 19.79, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23.

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 issued a dividend of $0.615 per share. This represents a $2.46 annualized dividend and a dividend yield of 3.69%. Fortis’s dividend payout ratio is currently 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.