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

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on FTS. Jefferies Financial Group set a C$67.00 target price on shares of Fortis and gave the company a “hold” rating in a report on Thursday, February 13th. Royal Bank of Canada raised their target price on shares of Fortis from C$65.00 to C$69.00 in a report on Tuesday, February 18th. Raymond James raised their target price on shares of Fortis from C$61.00 to C$62.50 in a report on Tuesday, February 18th. CIBC raised their target price on shares of Fortis from C$64.00 to C$65.00 in a 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 company a “sector perform” rating in a report on Thursday, February 13th. Two analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. Based on data from MarketBeat.com, Fortis currently has a consensus rating of “Hold” and an average price target of C$62.45.

Fortis Trading Down 1.3 %

The firm has a market capitalization of C$31.68 billion, a PE ratio of 19.01, a P/E/G ratio of 3.01 and a beta of 0.23. 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’s fifty day moving average price is C$61.74 and its 200 day moving average price is C$61.18.

Fortis Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 16th will be issued a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 3.84%. Fortis’s dividend payout ratio (DPR) is presently 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.