Fortis Inc. (TSE:FTS) Receives Consensus Recommendation of “Reduce” from Analysts

Shares of Fortis Inc. (TSE:FTS) have been assigned a consensus recommendation of “Reduce” from the eight analysts that are covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is C$64.25.

Several research firms have recently issued reports on FTS. Raymond James Financial lowered 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 note on Thursday, April 17th. UBS Group increased their target price on shares of Fortis from C$58.00 to C$63.00 in a research note on Friday, March 21st. Royal Bank Of Canada increased their target price on shares of Fortis from C$69.00 to C$72.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 8th. CIBC increased their target price on shares of Fortis from C$68.00 to C$69.00 and gave the stock a “neutral” rating in a research note on Thursday, April 24th. Finally, Jefferies Financial Group upped their price target on shares of Fortis from C$67.00 to C$70.00 in a research report on Monday, April 14th.

Fortis Trading Down 0.6%

FTS stock opened at C$64.42 on Friday. The company’s 50-day simple moving average is C$66.27 and its 200-day simple moving average is C$63.61. The company has a quick ratio of 0.36, a current ratio of 0.74 and a debt-to-equity ratio of 142.31. Fortis has a 52-week low of C$52.29 and a 52-week high of C$69.24. The firm has a market cap of C$31.87 billion, a P/E ratio of 19.12, a PEG ratio of 3.01 and a beta of 0.23.

Fortis Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Sunday, June 1st were given a dividend of $0.615 per share. The ex-dividend date of this dividend was Friday, May 16th. This represents a $2.46 annualized dividend and a dividend yield of 3.82%. Fortis’s dividend payout ratio (DPR) is presently 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.