Fortis Inc. (TSE:FTS) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Fortis Inc. (TSE:FTS) have been given an average recommendation of “Moderate Buy” by the nine brokerages that are presently covering the stock, Marketbeat reports. Five analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is C$72.11.

A number of research firms have issued reports on FTS. National Bankshares boosted their target price on shares of Fortis from C$65.00 to C$67.00 and gave the company a “sector perform” rating in a research note on Tuesday, August 5th. Raymond James Financial boosted their target price on shares of Fortis from C$69.00 to C$72.00 and gave the company an “outperform” rating in a research note on Tuesday, August 5th. Cibc World Mkts raised shares of Fortis from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 21st. Scotiabank boosted their target price on shares of Fortis from C$70.00 to C$73.00 and gave the company a “sector perform” rating in a research note on Monday, October 6th. Finally, TD Securities boosted their target price on shares of Fortis from C$74.00 to C$77.00 and gave the company a “buy” rating in a research note on Tuesday, August 5th.

Fortis Trading Up 0.6%

Fortis stock opened at C$72.87 on Thursday. The company has a quick ratio of 0.36, a current ratio of 0.74 and a debt-to-equity ratio of 142.31. The firm has a 50-day moving average price of C$69.58 and a two-hundred day moving average price of C$67.27. The firm has a market capitalization of C$36.70 billion, a price-to-earnings ratio of 21.43, a PEG ratio of 3.01 and a beta of 0.28. Fortis has a 52-week low of C$57.98 and a 52-week high of C$73.43.

Fortis Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Monday, September 1st were paid a $0.615 dividend. This represents a $2.46 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Fortis’s dividend payout ratio is currently 71.62%.

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.