Fortis (TSE:FTS) Hits New 52-Week High After Analyst Upgrade

Key Points

• Fortis Inc. reached a new 52-week high of C$73.41 after CIBC increased its price target from C$72.00 to C$74.00.
• A total of eight analysts have analyzed Fortis, with one strong-buy, two buy ratings, and five hold ratings, leading to a consensus rating of "Moderate Buy."
• Fortis recently declared a quarterly dividend of $0.615, representing an annual yield of 3.4% and a dividend payout ratio of 71.62%.

Fortis Inc. (TSE:FTS - Get Free Report)'s stock price hit a new 52-week high on Wednesday after CIBC raised their price target on the stock from C$72.00 to C$74.00. The stock traded as high as C$73.41 and last traded at C$73.18, with a volume of 244669 shares. The stock had previously closed at C$72.42.

A number of other analysts have also issued reports on the stock. Jefferies Financial Group boosted their target price on shares of Fortis from C$70.00 to C$72.00 in a research note on Monday, September 15th. Raymond James Financial upped their price objective on shares of Fortis from C$69.00 to C$72.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 5th. TD Securities upped their price objective on shares of Fortis from C$74.00 to C$77.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Cibc World Mkts raised shares of Fortis from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 21st. Finally, National Bankshares upped their price objective on shares of Fortis from C$65.00 to C$67.00 and gave the stock a "sector perform" rating in a research note on Tuesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of C$71.78.

Fortis Trading Up 1.3%

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 has a 50-day simple moving average of C$69.52 and a 200 day simple moving average of C$67.23. The firm has a market cap of C$36.94 billion, a PE ratio of 21.58, a price-to-earnings-growth ratio of 3.01 and a beta of 0.28.

Fortis Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Monday, September 1st were paid a $0.615 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $2.46 dividend on an annualized basis and a yield of 3.4%. Fortis's dividend payout ratio (DPR) is currently 71.62%.

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.

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