Fortis (TSE:FTS) Reaches New 1-Year High - Should You Buy?

Key Points

• Fortis Inc. reached a new 52-week high of C$72.19, reflecting strong trading volume of 925,305 shares and closing at C$72.16.
• Analysts have raised Fortis's price targets, suggesting an average target price of C$71.22, with recommendations ranging from "Strong Buy" to "Moderate Buy."
• The company recently declared a quarterly dividend of $0.615 per share, yielding 3.4% annually, with a payout ratio of 71.62%.

Fortis Inc. (TSE:FTS - Get Free Report) hit a new 52-week high during trading on Thursday . The company traded as high as C$72.19 and last traded at C$72.16, with a volume of 925305 shares. The stock had previously closed at C$71.58.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on FTS shares. Raymond James Financial lifted their price target on shares of Fortis from C$69.00 to C$72.00 and gave the stock an "outperform" rating in a report on Tuesday, August 5th. TD Securities lifted their price target on shares of Fortis from C$74.00 to C$77.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. Cibc World Mkts raised shares of Fortis from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 21st. Scotiabank raised their target price on shares of Fortis from C$70.00 to C$73.00 and gave the stock a "sector perform" rating in a research report on Monday, October 6th. Finally, National Bankshares raised their target price on shares of Fortis from C$65.00 to C$67.00 and gave the stock a "sector perform" rating in a research report on Tuesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of C$71.22.

Fortis Price Performance

The company's 50-day moving average is C$69.31 and its 200-day moving average is C$67.05. The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36. The firm has a market capitalization of C$36.34 billion, a price-to-earnings ratio of 21.22, a PEG ratio of 3.01 and a beta of 0.28.

Fortis Announces Dividend

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

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.

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