Fortis (TSE:FTS) Hits New 1-Year High – Here’s What Happened

Fortis Inc. (TSE:FTS)’s stock price hit a new 52-week high on Friday . The company traded as high as C$65.28 and last traded at C$64.82, with a volume of 1636806 shares. The stock had previously closed at C$64.03.

Wall Street Analyst Weigh In

FTS has been the topic of a number of analyst reports. Scotiabank increased their price objective on Fortis from C$63.00 to C$66.00 and gave the company a “sector perform” rating in a report on Thursday, February 13th. UBS Group increased their price target on Fortis from C$58.00 to C$63.00 in a report on Friday, March 21st. Jefferies Financial Group set a C$67.00 price objective on shares of Fortis and gave the stock a “hold” rating in a research note 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 report on Tuesday, February 18th. Finally, CIBC lifted their target price on shares of Fortis from C$64.00 to C$65.00 in a report on Tuesday, February 18th. Two analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of C$62.50.

Fortis Trading Up 1.2 %

The company has a current ratio of 0.74, a quick ratio of 0.36 and a debt-to-equity ratio of 142.31. The stock has a market capitalization of C$32.07 billion, a P/E ratio of 19.24, a P/E/G ratio of 3.01 and a beta of 0.23. The business’s fifty day simple moving average is C$62.99 and its two-hundred day simple moving average is C$61.62.

Fortis Announces Dividend

The business also recently announced 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 3.80%. Fortis’s payout ratio 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.