Fortis (TSE:FTS) Sets New 12-Month High - Time to Buy?

Fortis Inc. (TSE:FTS - Get Free Report) reached a new 52-week high during trading on Monday . The company traded as high as C$65.00 and last traded at C$64.73, with a volume of 69217 shares. The stock had previously closed at C$64.20.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. CIBC upped their price target on shares of Fortis from C$64.00 to C$65.00 in a research report on Tuesday, February 18th. Royal Bank of Canada increased their price target on Fortis from C$65.00 to C$69.00 in a research note on Tuesday, February 18th. Raymond James boosted their price objective on Fortis from C$61.00 to C$62.50 in a research report on Tuesday, February 18th. 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. Finally, Scotiabank boosted their price target 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. Two equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. Based on data from MarketBeat.com, Fortis presently has a consensus rating of "Hold" and an average price target of C$62.45.

Fortis Trading Up 1.1 %

The company has a quick ratio of 0.36, a current ratio of 0.74 and a debt-to-equity ratio of 142.31. The stock's 50 day moving average is C$61.83 and its 200-day moving average is C$61.21. The company has a market cap of C$32.02 billion, a PE ratio of 19.21, a P/E/G ratio of 3.01 and a beta of 0.23.

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Fortis Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 16th will be issued a $0.615 dividend. This represents a $2.46 dividend on an annualized basis and a dividend yield of 3.80%. Fortis's payout ratio 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.