Fortis Inc. (TSE:FTS) Receives C$78.68 Average Price Target from Analysts

Shares of Fortis Inc. (TSE:FTS) have been given a consensus recommendation of “Moderate Buy” by the ten brokerages that are covering the company, Marketbeat.com reports. Four investment analysts have rated the stock with a hold recommendation, five have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is C$79.32.

A number of research analysts have recently weighed in on the company. Raymond James Financial raised their price target on Fortis from C$78.50 to C$80.50 and gave the company an “outperform” rating in a research report on Tuesday, April 28th. Desjardins boosted their price objective on shares of Fortis from C$79.00 to C$81.00 and gave the stock a “buy” rating in a research report on Friday, February 13th. Royal Bank Of Canada increased their price objective on shares of Fortis from C$79.00 to C$80.00 and gave the company a “sector perform” rating in a research note on Friday, February 13th. Barclays dropped their target price on shares of Fortis from C$84.00 to C$83.00 and set an “overweight” rating for the company in a report on Friday, May 8th. Finally, BMO Capital Markets upped their price target on shares of Fortis from C$74.00 to C$77.00 and gave the company a “market perform” rating in a report on Friday, February 13th.

Fortis Price Performance

Shares of TSE:FTS opened at C$76.74 on Friday. The firm has a market capitalization of C$39.07 billion, a price-to-earnings ratio of 22.64, a price-to-earnings-growth ratio of 3.01 and a beta of 0.47. The company has a debt-to-equity ratio of 145.23, a current ratio of 0.49 and a quick ratio of 0.36. The business’s 50 day simple moving average is C$77.44 and its 200-day simple moving average is C$75.07. Fortis has a 12 month low of C$63.54 and a 12 month high of C$80.69.

Fortis (TSE:FTS) last released its quarterly earnings data on Wednesday, May 6th. The company reported C$0.99 earnings per share for the quarter. The firm had revenue of C$3.40 billion during the quarter. Fortis had a return on equity of 7.51% and a net margin of 14.75%. As a group, equities analysts forecast that Fortis will post 3.3419913 earnings per share for the current fiscal year.

Fortis Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, June 1st were given a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Friday, May 15th. Fortis’s payout ratio is currently 74.04%.

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. states, with more than 16,000 miles of high-voltage transmission lines in operation serving a peak load in excess of 23 gigawatts.