Fortis (TSE:FTS) Reaches New 12-Month High – Here’s What Happened

Fortis Inc. (TSE:FTS)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as C$64.42 and last traded at C$64.39, with a volume of 616673 shares changing hands. The stock had previously closed at C$64.00.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Jefferies Financial Group set a C$67.00 target price on Fortis and gave the company a “hold” rating in a report on Thursday, February 13th. Royal Bank of Canada upped their price objective on shares of Fortis from C$65.00 to C$69.00 in a research note on Tuesday, February 18th. Scotiabank lifted 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 research note on Thursday, February 13th. CIBC upped their price target on shares of Fortis from C$64.00 to C$65.00 in a research note on Tuesday, February 18th. Finally, Raymond James increased their price objective on Fortis from C$61.00 to C$62.50 in a report on Tuesday, February 18th. 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 currently has an average rating of “Hold” and an average target price 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 stock has a market capitalization of C$31.66 billion, a P/E ratio of 19.00, a PEG ratio of 3.01 and a beta of 0.23. The stock’s fifty day moving average is C$61.28 and its 200-day moving average is C$60.99.

Fortis Dividend Announcement

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