Fortis Inc (FTS) Given Average Rating of “Buy” by Brokerages

Fortis Inc (TSE:FTS) has been given a consensus recommendation of “Buy” by the nine brokerages that are covering the firm, Marketbeat reports. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is C$50.11.

Several research firms have recently weighed in on FTS. CIBC lifted their target price on shares of Fortis from C$49.00 to C$52.00 in a report on Wednesday. Raymond James set a C$50.00 price target on shares of Fortis and gave the stock an “outperform” rating in a report on Thursday, February 28th. Royal Bank of Canada increased their price target on shares of Fortis from C$50.00 to C$53.00 and gave the stock an “outperform” rating in a report on Tuesday, February 19th. TD Securities lowered shares of Fortis from a “buy” rating to a “hold” rating and set a C$48.00 price target on the stock. in a research report on Tuesday, January 29th. Finally, UBS Group lifted their price objective on shares of Fortis from C$54.00 to C$55.00 in a report on Wednesday, March 20th.

FTS stock traded up C$0.36 during trading on Friday, hitting C$49.87. 654,036 shares of the company traded hands, compared to its average volume of 1,176,599. The company has a current ratio of 0.77, a quick ratio of 0.35 and a debt-to-equity ratio of 134.30. The stock has a market cap of $21.48 billion and a P/E ratio of 19.25. Fortis has a 1 year low of C$40.21 and a 1 year high of C$50.06.

Fortis (TSE:FTS) last announced its quarterly earnings results on Friday, February 15th. The company reported C$0.56 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of C$0.61 by C($0.05). The business had revenue of C$2.21 billion during the quarter, compared to the consensus estimate of C$1.97 billion. On average, research analysts predict that Fortis will post 2.77000001666333 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Friday, May 17th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.80 dividend on an annualized basis and a yield of 3.61%. Fortis’s dividend payout ratio is currently 69.50%.

About Fortis

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.

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Analyst Recommendations for Fortis (TSE:FTS)

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