Fortis (TSE:FTS) Hits New 12-Month High – What’s Next?

Fortis Inc. (TSE:FTS)’s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as C$67.52 and last traded at C$66.74, with a volume of 399448 shares traded. The stock had previously closed at C$66.11.

Analyst Ratings Changes

FTS has been the topic of a number of recent research reports. Royal Bank of Canada boosted their target price on Fortis from C$65.00 to C$69.00 in a research note on Tuesday, February 18th. CIBC increased their price objective on Fortis from C$65.00 to C$68.00 in a report on Friday. UBS Group boosted their target price on shares of Fortis from C$58.00 to C$63.00 in a research report on Friday, March 21st. Scotiabank raised their price target on shares of Fortis from C$63.00 to C$66.00 and gave the company a “sector perform” rating in a report on Thursday, February 13th. Finally, Jefferies Financial Group set a C$67.00 price objective on shares of Fortis and gave the stock a “hold” rating in a report on Thursday, February 13th. Two research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of C$62.77.

Fortis Stock Down 1.5 %

The company has a quick ratio of 0.36, a current ratio of 0.74 and a debt-to-equity ratio of 142.31. The business has a 50-day simple moving average of C$63.51 and a two-hundred day simple moving average of C$61.81. The stock has a market capitalization of C$32.51 billion, a P/E ratio of 19.50, a PEG ratio of 3.01 and a beta of 0.23.

Fortis Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 16th will be given a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 3.74%. Fortis’s dividend payout ratio (DPR) is currently 73.02%.

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.