Fortis Inc. (TSE:FTS) Given Consensus Rating of “Reduce” by Analysts

Shares of Fortis Inc. (TSE:FTS) have been given an average rating of “Reduce” by the eight research firms that are presently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating and six have given a hold rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is C$60.89.

Several research analysts have commented on FTS shares. Raymond James lowered Fortis from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 6th. CIBC upped their target price on shares of Fortis from C$63.00 to C$64.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 8th.

Fortis Price Performance

Fortis stock opened at C$62.70 on Friday. Fortis has a 12 month low of C$51.02 and a 12 month high of C$63.75. The company has a current ratio of 0.69, a quick ratio of 0.36 and a debt-to-equity ratio of 128.59. The business’s 50 day simple moving average is C$60.72 and its 200 day simple moving average is C$60.41. The company has a market cap of C$31.05 billion, a price-to-earnings ratio of 19.66, a PEG ratio of 3.01 and a beta of 0.23.

Fortis Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Saturday, March 1st will be paid a dividend of $0.615 per share. The ex-dividend date is Tuesday, February 18th. This represents a $2.46 dividend on an annualized basis and a dividend yield of 3.92%. Fortis’s dividend payout ratio is currently 77.12%.

Insider Transactions at Fortis

In other Fortis news, Senior Officer Jocelyn Perry sold 11,809 shares of the business’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of C$63.19, for a total value of C$746,178.83. 0.04% of the stock is currently owned by company insiders.

Fortis Company Profile

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.