Fortis (TSE:FTS) Reaches New 12-Month High - What's Next?

Fortis Inc. (TSE:FTS - Get Free Report) reached a new 52-week high on Tuesday . The company traded as high as C$67.52 and last traded at C$67.30, with a volume of 247300 shares traded. The stock had previously closed at C$66.59.

Analyst Ratings Changes

Several research analysts have weighed in on FTS shares. CIBC upped their target price on Fortis from C$68.00 to C$69.00 and gave the stock a "neutral" rating in a research report on Thursday. 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. Jefferies Financial Group increased their target price on shares of Fortis from C$67.00 to C$70.00 in a research report on Monday, April 14th. Royal Bank of Canada boosted their price target on Fortis from C$65.00 to C$69.00 in a research report on Tuesday, February 18th. Finally, Raymond James lowered their price objective on Fortis from C$69.00 to C$62.50 and set a "market perform" rating on the stock in a report on Thursday, April 17th. 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 stock presently has an average rating of "Hold" and an average price target of C$63.14.

Fortis Stock Performance

The stock has a market cap of C$33.28 billion, a P/E ratio of 19.97, a PEG ratio of 3.01 and a beta of 0.23. The stock has a fifty day simple moving average of C$64.46 and a 200-day simple moving average of C$62.27. The company has a quick ratio of 0.36, a current ratio of 0.74 and a debt-to-equity ratio of 142.31.

Fortis Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 16th will be given a dividend of $0.615 per share. This represents a $2.46 annualized dividend and a dividend yield of 3.66%. Fortis's dividend payout ratio is 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.