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

Fortis Inc. (TSE:FTS) has earned a consensus rating of “Reduce” from the eight analysts that are currently covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation and six have issued a hold recommendation on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is C$60.89.

A number of analysts have recently issued reports on FTS shares. CIBC increased their price target on shares of Fortis from C$63.00 to C$64.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 8th. Raymond James lowered Fortis from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 6th.

Insider Buying and Selling at Fortis

In other Fortis news, Senior Officer Jocelyn Perry sold 11,809 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of C$63.19, for a total value of C$746,178.83. Company insiders own 0.04% of the company’s stock.

Fortis Trading Down 0.1 %

Fortis stock opened at C$62.70 on Friday. The firm’s 50 day moving average price is C$60.72 and its two-hundred day moving average price is C$60.41. The firm has a market cap of C$31.05 billion, a price-to-earnings ratio of 19.66, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23. The company has a debt-to-equity ratio of 128.59, a quick ratio of 0.36 and a current ratio of 0.69. Fortis has a 1 year low of C$51.02 and a 1 year high of C$63.75.

Fortis Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Saturday, March 1st will be paid a $0.615 dividend. This represents a $2.46 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date is Tuesday, February 18th. Fortis’s dividend payout ratio (DPR) is presently 77.12%.

About Fortis

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.