Analysts Set Fortis Inc. (TSE:FTS) PT at C$60.33

Shares of Fortis Inc. (TSE:FTS) have been assigned an average recommendation of “Reduce” from the nine research firms that are presently covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell rating and six have given a hold rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is C$60.33.

Several equities research analysts recently commented on the stock. National Bankshares lifted their price target on shares of 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. UBS Group upgraded shares of Fortis to a “strong sell” rating in a research note on Tuesday, September 10th. Royal Bank of Canada lifted their price target on Fortis from C$62.00 to C$65.00 and gave the company a “sector perform” rating in a research note on Thursday, October 3rd. BMO Capital Markets upped their target price on shares of Fortis from C$59.00 to C$61.00 in a research report on Thursday, September 5th. Finally, Scotiabank raised their price target 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.

Insider Transactions at Fortis

In related news, Senior Officer Keri Linda Glitch purchased 450 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was purchased at an average price of C$61.41 per share, for a total transaction of C$27,634.59. Following the acquisition, the insider now directly owns 450 shares in the company, valued at C$27,634.59. The trade was a ∞ increase in their ownership of the stock. Also, Director Gary Joseph Smith sold 21,716 shares of the company’s stock in a transaction on Friday, November 8th. The shares were 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 Trading Down 0.1 %

FTS opened at C$62.59 on Monday. 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 one year low of C$51.02 and a one year high of C$63.40. The business’s 50-day simple moving average is C$61.30 and its 200-day simple moving average is C$58.07. The company has a market cap of C$30.99 billion, a P/E ratio of 19.62, a PEG ratio of 3.01 and a beta of 0.23.

Fortis Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Sunday, December 1st will be paid a $0.83 dividend. This is a positive change from Fortis’s previous quarterly dividend of $0.59. This represents a $3.32 annualized dividend and a yield of 5.30%. The ex-dividend date of this dividend is Monday, November 18th. Fortis’s dividend payout ratio is presently 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.