Fortis Inc (TSE:FTS) has been assigned an average rating of “Buy” from the eight ratings firms that are covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is C$48.00.
FTS has been the subject of several research reports. Industrial Alliance Securities lowered their price objective on shares of Fortis from C$51.00 to C$48.00 in a research note on Tuesday, October 9th. BMO Capital Markets lowered their price objective on shares of Fortis from C$49.00 to C$48.00 in a research note on Tuesday, September 11th. CIBC lifted their price objective on shares of Fortis from C$46.00 to C$47.00 in a research note on Monday, November 5th. TD Securities lifted their price objective on shares of Fortis from C$46.00 to C$48.00 and gave the stock a “buy” rating in a research note on Monday, November 5th. Finally, Raymond James reiterated an “outperform” rating and set a C$50.00 price objective on shares of Fortis in a research note on Monday, November 5th.
Shares of FTS opened at C$46.25 on Friday. Fortis has a twelve month low of C$39.38 and a twelve month high of C$48.64. The company has a current ratio of 0.59, a quick ratio of 0.33 and a debt-to-equity ratio of 130.09.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, December 1st. Stockholders of record on Tuesday, November 20th will be paid a dividend of $0.45 per share. This is an increase from Fortis’s previous quarterly dividend of $0.43. This represents a $1.80 annualized dividend and a dividend yield of 3.89%. The ex-dividend date is Monday, November 19th. Fortis’s payout ratio is presently 74.04%.
Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 422,000 retail customers in southeastern Arizona; and 96,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 2,834 megawatts (MW), including 64 MW of solar capacity.
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