Fortis Inc (NYSE:FTS) Receives $59.33 Consensus Price Target from Analysts
Shares of Fortis Inc (NYSE:FTS) have received a consensus rating of “Hold” from the sixteen research firms that are covering the company, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $59.33.
Several research analysts recently issued reports on FTS shares. Scotiabank raised Fortis from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, December 4th. Bank of America cut Fortis from a “buy” rating to a “neutral” rating in a research report on Thursday, December 5th. CIBC raised Fortis from a “neutral” rating to an “outperform” rating in a research report on Tuesday, December 3rd. TheStreet cut Fortis from a “b-” rating to a “c+” rating in a research report on Monday, November 11th. Finally, Raymond James reaffirmed a “hold” rating and set a $55.00 target price on shares of Fortis in a research report on Monday, November 25th.
Shares of NYSE:FTS traded up $0.36 during mid-day trading on Tuesday, hitting $44.47. 25,023 shares of the company traded hands, compared to its average volume of 276,875. The stock has a market cap of $20.27 billion, a P/E ratio of 21.95, a P/E/G ratio of 3.85 and a beta of 0.13. The company has a current ratio of 0.56, a quick ratio of 0.46 and a debt-to-equity ratio of 1.32. Fortis has a 12-month low of $34.53 and a 12-month high of $44.12. The stock has a 50-day moving average price of $41.54 and a two-hundred day moving average price of $41.04.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Tuesday, February 18th will be issued a dividend of $0.3655 per share. This is a positive change from Fortis’s previous quarterly dividend of $0.34. This represents a $1.46 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date is Friday, February 14th. Fortis’s dividend payout ratio (DPR) is 75.39%.
A number of institutional investors have recently modified their holdings of FTS. Stonebridge Capital Advisors LLC bought a new stake in Fortis during the second quarter worth $30,000. Price Capital Management Inc. bought a new stake in shares of Fortis in the third quarter valued at $63,000. NEXT Financial Group Inc bought a new stake in shares of Fortis in the fourth quarter valued at $83,000. JCIC Asset Management Inc. raised its stake in shares of Fortis by 30.1% in the third quarter. JCIC Asset Management Inc. now owns 3,457 shares of the utilities provider’s stock valued at $146,000 after buying an additional 800 shares during the period. Finally, Tuttle Tactical Management bought a new stake in shares of Fortis in the third quarter valued at $224,000. Institutional investors and hedge funds own 49.32% of the company’s stock.
Fortis Company Profile
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 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.
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