Fortis (TSE:FTS) Sets New 12-Month Low - What's Next?

Fortis Inc. (TSE:FTS - Get Free Report) shares hit a new 52-week low on Monday . The company traded as low as C$0.01 and last traded at C$63.89, with a volume of 331225 shares. The stock had previously closed at C$63.44.

Analyst Upgrades and Downgrades

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

Fortis Stock Up 2.7 %

The company has a market cap of C$31.76 billion, a price-to-earnings ratio of 19.06, a PEG ratio of 3.01 and a beta of 0.23. The business has a 50-day simple moving average of C$61.48 and a two-hundred day simple moving average of C$61.08. The company has a quick ratio of 0.36, a current ratio of 0.74 and a debt-to-equity ratio of 142.31.

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Fortis Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 16th will be issued a dividend of $0.615 per share. This represents a $2.46 annualized dividend and a yield of 3.83%. 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.