Fortis (TSE:FTS) Reaches New 12-Month High - Should You Buy?

Key Points

• Fortis Inc. (TSE:FTS) has reached a new 52-week high of C$71.18, reflecting strong market performance with a recent trading price of C$70.90.
• Analysts have increased their price targets for Fortis, with Jefferies setting a target of C$72.00, TD Securities at C$77.00, and an average consensus price target of C$71.22.
• Fortis announced a quarterly dividend of $0.615, resulting in an annualized dividend yield of 3.5% as part of a payout strategy with a ratio of 71.62%.

Fortis Inc. (TSE:FTS - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as C$71.18 and last traded at C$70.90, with a volume of 240824 shares. The stock had previously closed at C$70.18.

Analysts Set New Price Targets

FTS has been the topic of several recent analyst reports. Jefferies Financial Group lifted their target price on Fortis from C$70.00 to C$72.00 in a report on Monday, September 15th. TD Securities lifted their target price on Fortis from C$74.00 to C$77.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. 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 report on Monday. 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 report on Tuesday, August 5th. Finally, Raymond James Financial raised their target price 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. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of C$71.22.

Fortis Trading Up 1.1%

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 business has a 50-day moving average of C$69.10 and a 200-day moving average of C$66.83. The firm has a market cap of C$35.73 billion, a price-to-earnings ratio of 20.87, a P/E/G ratio of 3.01 and a beta of 0.28.

Fortis Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Monday, September 1st were given 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 dividend yield of 3.5%. Fortis's payout ratio 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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