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

Fortis Inc. (TSE:FTS)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as C$65.00 and last traded at C$64.73, with a volume of 69217 shares traded. The stock had previously closed at C$64.20.

Analysts Set New Price Targets

Several research analysts have issued reports on FTS shares. CIBC raised their price objective on shares of Fortis from C$64.00 to C$65.00 in a research report on Tuesday, February 18th. Jefferies Financial Group set a C$67.00 price objective on shares of Fortis and gave the stock a “hold” rating in a research report on Thursday, February 13th. Royal Bank of Canada raised their price objective on shares of Fortis from C$65.00 to C$69.00 in a research report on Tuesday, February 18th. Raymond James raised their price objective on shares of Fortis from C$61.00 to C$62.50 in a research report on Tuesday, February 18th. Finally, Scotiabank raised their target price on shares of Fortis from C$63.00 to C$66.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 13th. Two equities 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 presently has a consensus rating of “Hold” and a consensus price target of C$62.45.

Fortis Price Performance

The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36. The company’s 50 day moving average is C$61.74 and its 200 day moving average is C$61.18. The stock has a market cap of C$31.68 billion, a price-to-earnings ratio of 19.01, a PEG ratio of 3.01 and a beta of 0.23.

Fortis Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 16th will be paid a $0.615 dividend. This represents a $2.46 annualized dividend and a dividend yield of 3.84%. Fortis’s dividend payout ratio (DPR) is 73.02%.

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.