Fortis (TSE:FTS) Hits New 12-Month High - Should You Buy?

Fortis Inc. (TSE:FTS - Get Free Report) shares hit a new 52-week high on Tuesday . The company traded as high as C$64.42 and last traded at C$64.39, with a volume of 616673 shares trading hands. The stock had previously closed at C$64.00.

Analysts Set New Price Targets

FTS has been the topic of a number of research analyst reports. Jefferies Financial Group set a C$67.00 price target on shares of Fortis and gave the company a "hold" rating in a report on Thursday, February 13th. CIBC lifted their target price on shares of Fortis from C$64.00 to C$65.00 in a report on Tuesday, February 18th. Raymond James lifted their target price on shares of Fortis from C$61.00 to C$62.50 in a report on Tuesday, February 18th. Royal Bank of Canada lifted their target price on shares of Fortis from C$65.00 to C$69.00 in a report on Tuesday, February 18th. Finally, 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 report on Thursday, February 13th. Two investment 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, the stock has an average rating of "Hold" and a consensus target price of C$62.45.

Fortis Price Performance

The stock has a market cap of C$31.76 billion, a PE ratio of 19.06, a P/E/G ratio of 3.01 and a beta of 0.23. 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 company's 50 day moving average is C$61.55 and its 200-day moving average is C$61.10.

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Fortis Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Investors 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 yield of 3.83%. Fortis's dividend payout ratio (DPR) is 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.