Fortis Inc. (TSE:FTS) Receives C$60.33 Average PT from Brokerages

Fortis Inc. (TSE:FTS) has received an average rating of “Reduce” from the nine brokerages that are covering the firm, Marketbeat reports. Three research analysts have rated the stock with a sell recommendation and six have given a hold recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is C$60.33.

FTS has been the topic of several recent research reports. National Bankshares upped their price target on Fortis from C$56.00 to C$62.00 and gave the stock a “sector perform” rating in a research note on Friday, August 23rd. CIBC upped their price objective on shares of Fortis from C$57.00 to C$59.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Raymond James cut Fortis from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th. Scotiabank raised their price objective on Fortis from C$56.00 to C$63.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 20th. Finally, Royal Bank of Canada boosted their target price on Fortis from C$62.00 to C$65.00 and gave the stock a “sector perform” rating in a report on Thursday, October 3rd.

Insider Buying and Selling at Fortis

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

Fortis Stock Up 0.3 %

TSE FTS opened at C$62.88 on Monday. The business’s 50-day moving average is C$61.27 and its 200 day moving average is C$58.01. The stock has a market capitalization of C$31.14 billion, a PE ratio of 19.71, a PEG ratio of 3.01 and a beta of 0.23. The company has a debt-to-equity ratio of 128.59, a current ratio of 0.69 and a quick ratio of 0.36. Fortis has a 1 year low of C$51.02 and a 1 year high of C$63.40.

Fortis Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Sunday, December 1st will be issued a dividend of $0.83 per share. This is a positive change from Fortis’s previous quarterly dividend of $0.59. This represents a $3.32 dividend on an annualized basis and a yield of 5.28%. The ex-dividend date is Monday, November 18th. Fortis’s dividend payout ratio (DPR) 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.