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

Shares of Fortis Inc. (TSE:FTS) have earned an average rating of “Reduce” from the nine brokerages that are covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is C$60.89.

A number of analysts have weighed in on the company. Royal Bank of Canada increased their target price on Fortis from C$62.00 to C$65.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 3rd. CIBC lifted their price objective on shares of Fortis from C$63.00 to C$64.00 and gave the company a “neutral” rating in a report on Wednesday, January 8th. Finally, Raymond James cut shares of Fortis from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th.

Insider Buying and Selling at Fortis

In other news, Senior Officer Keri Linda Glitch bought 450 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now directly owns 450 shares of the company’s stock, valued at approximately C$27,634.59. The trade was a ∞ increase in their position. Also, Director Gary Joseph Smith sold 21,716 shares of Fortis stock in a transaction on Friday, November 8th. The stock was sold at an average price of C$61.45, for a total transaction of C$1,334,543.75. Insiders own 0.04% of the company’s stock.

Fortis Price Performance

Shares of FTS stock opened at C$60.69 on Tuesday. The stock has a 50 day moving average price of C$60.97 and a 200 day moving average price of C$59.44. Fortis has a 52-week low of C$51.02 and a 52-week high of C$63.75. The company has a debt-to-equity ratio of 128.59, a quick ratio of 0.36 and a current ratio of 0.69. The firm has a market capitalization of C$30.05 billion, a P/E ratio of 19.03, a P/E/G ratio of 3.01 and a beta of 0.23.

Fortis Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, December 1st. Investors of record on Sunday, December 1st were paid a $0.83 dividend. This is an increase from Fortis’s previous quarterly dividend of $0.59. The ex-dividend date was Monday, November 18th. This represents a $3.32 dividend on an annualized basis and a yield of 5.47%. Fortis’s payout ratio is 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.