Fortis Inc. (TSE:FTS) Stock Has Average Price Target of C$79.23 According to Analysts

Shares of Fortis Inc. (TSE:FTS) have received a consensus rating of “Moderate Buy” from the ten ratings firms that are currently covering the company, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is C$79.23.

FTS has been the subject of a number of research reports. Desjardins boosted their target price on shares of Fortis from C$81.00 to C$85.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Barclays cut their price target on Fortis from C$82.00 to C$76.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 30th. Finally, Canadian Imperial Bank of Commerce decreased their price objective on Fortis from C$82.00 to C$78.00 in a report on Tuesday, September 22nd.

Fortis Stock Performance

FTS opened at C$75.02 on Thursday. The company has a current ratio of 0.56, a quick ratio of 0.36 and a debt-to-equity ratio of 143.60. Fortis has a 12-month low of C$69.06 and a 12-month high of C$83.75. The firm has a 50 day moving average of C$76.92 and a two-hundred day moving average of C$78.11. The firm has a market capitalization of C$38.33 billion, a PE ratio of 22.06, a P/E/G ratio of 3.01 and a beta of 0.34.

Fortis (TSE:FTS) last released its quarterly earnings data on Friday, July 31st. The company reported C$0.78 EPS for the quarter. The business had revenue of C$2.93 billion for the quarter. Fortis had a net margin of 14.72% and a return on equity of 7.43%. On average, analysts anticipate that Fortis will post 3.3419913 EPS for the current year.

Fortis Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Tuesday, September 1st were given a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 3.4%. The ex-dividend date was Wednesday, August 19th. Fortis’s dividend payout ratio is currently 74.56%.

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.