Fortis Inc. (TSE:FTS) Receives C$60.89 Consensus Target Price from Analysts

Fortis Inc. (TSE:FTS) has received a consensus rating of “Reduce” from the nine research firms that are covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell rating and six have given a hold rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is C$60.89.

FTS has been the topic of several recent analyst reports. Raymond James lowered shares of Fortis from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 6th. CIBC increased their price target on shares of Fortis from C$63.00 to C$64.00 and gave the company a “neutral” rating in a research note on Wednesday, January 8th. Royal Bank of Canada increased their price objective on Fortis from C$62.00 to C$65.00 and gave the company a “sector perform” rating in a report on Thursday, October 3rd. Finally, Bank of America set a C$60.00 price objective on Fortis and gave the company an “underperform” rating in a report on Friday, September 20th.

Insider Buying and Selling

In other Fortis news, Senior Officer Keri Linda Glitch bought 450 shares of Fortis stock in a transaction on Friday, November 8th. The stock was bought at an average price of C$61.41 per share, with a total value of C$27,634.59. Following the completion of the acquisition, the insider now owns 450 shares in the company, valued at C$27,634.59. The trade was a ? increase in their ownership of the stock. Also, Director Gary Joseph Smith sold 21,716 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of C$61.45, for a total value of C$1,334,543.75. Corporate insiders own 0.04% of the company’s stock.

Fortis Stock Performance

Shares of Fortis stock opened at C$60.13 on Tuesday. The firm has a market capitalization of C$29.78 billion, a P/E ratio of 18.85, a P/E/G ratio of 3.01 and a beta of 0.23. Fortis has a 52 week low of C$51.02 and a 52 week high of C$63.75. The company has a quick ratio of 0.36, a current ratio of 0.69 and a debt-to-equity ratio of 128.59. The firm’s 50 day moving average is C$60.98 and its two-hundred day moving average is C$59.37.

Fortis Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Investors of record on Sunday, December 1st were issued a dividend of $0.83 per share. The ex-dividend date was Monday, November 18th. This is an increase from Fortis’s previous quarterly dividend of $0.59. This represents a $3.32 annualized dividend and a dividend yield of 5.52%. Fortis’s dividend payout ratio (DPR) is currently 77.12%.

Fortis Company Profile

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona’s Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.