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

Fortis Inc. (TSE:FTS - Get Free Report) has been assigned an average recommendation of "Reduce" from the nine research firms that are currently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating and seven have issued a hold rating on the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is C$62.50.

Several analysts recently weighed in on the stock. UBS Group boosted their price objective on shares of Fortis from C$58.00 to C$63.00 in a research note on Friday, March 21st. Jefferies Financial Group set a C$67.00 price target on Fortis and gave the company a "hold" rating in a research report on Thursday, February 13th. CIBC raised their price objective on Fortis from C$64.00 to C$65.00 in a research report on Tuesday, February 18th. Raymond James lifted their price objective on Fortis from C$61.00 to C$62.50 in a research note on Tuesday, February 18th. Finally, Royal Bank of Canada increased their target price on shares of Fortis from C$65.00 to C$69.00 in a research report on Tuesday, February 18th.

Fortis Trading Up 0.1 %

TSE:FTS traded up C$0.08 during mid-day trading on Friday, hitting C$66.11. 775,961 shares of the company's stock were exchanged, compared to its average volume of 1,748,951. Fortis has a fifty-two week low of C$51.02 and a fifty-two week high of C$66.39. 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 firm has a market capitalization of C$32.71 billion, a P/E ratio of 19.62, a PEG ratio of 3.01 and a beta of 0.23. The company has a 50 day simple moving average of C$63.30 and a 200-day simple moving average of C$61.74.

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Fortis Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 16th will be issued a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a yield of 3.72%. Fortis's dividend payout ratio is 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.