Fortis (TSE:FTS) Hits New 52-Week High - What's Next?

Key Points

• Fortis Inc. shares reached a new 52-week high at C$69.70 during trading and closed at C$68.64, marking a 1.4% increase.
• Analysts have given Fortis a range of ratings, with Royal Bank of Canada raising the target price to C$72.00 and CIBC upgrading the stock to a "strong-buy" rating.
• The company announced a quarterly dividend of $0.615, representing an annualized dividend yield of 3.6%, with an ex-dividend date set for August 19th.

Fortis Inc. (TSE:FTS - Get Free Report) shares hit a new 52-week high during mid-day trading on Friday . The company traded as high as C$69.70 and last traded at C$68.64, with a volume of 717579 shares. The stock had previously closed at C$67.80.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FTS. Royal Bank Of Canada raised their target price on Fortis from C$69.00 to C$72.00 and gave the stock a "sector perform" rating in a research note on Thursday, May 8th. TD Securities set a C$74.00 target price on Fortis and gave the stock a "buy" rating in a research note on Friday, June 27th. Raymond James Financial upgraded Fortis from a "market perform" rating to an "outperform" rating in a report on Tuesday, July 22nd. Scotiabank increased their price target on Fortis from C$66.00 to C$70.00 and gave the stock a "sector perform" rating in a report on Thursday, May 8th. Finally, Cibc World Mkts upgraded Fortis from a "hold" rating to a "strong-buy" rating in a report on Monday, July 21st. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of C$66.35.

Fortis Stock Up 1.4%

The firm has a 50 day moving average price of C$65.40 and a 200-day moving average price of C$64.60. 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 firm has a market cap of C$34.02 billion, a PE ratio of 20.41, a PEG ratio of 3.01 and a beta of 0.23.

Fortis Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Tuesday, August 19th will be paid a $0.615 dividend. This represents a $2.46 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Tuesday, August 19th. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.