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Fortis (TSE:FTS) Sets New 1-Year High - What's Next?

Fortis logo with Utilities background

Fortis Inc. (TSE:FTS - Get Free Report) reached a new 52-week high on Tuesday . The company traded as high as C$67.52 and last traded at C$67.30, with a volume of 247300 shares changing hands. The stock had previously closed at C$66.59.

Analyst Upgrades and Downgrades

Several brokerages have commented on FTS. Raymond James cut their target price on Fortis from C$69.00 to C$62.50 and set a "market perform" rating on the stock in a report on Thursday, April 17th. Royal Bank of Canada lifted their price objective on Fortis from C$65.00 to C$69.00 in a research note on Tuesday, February 18th. Scotiabank increased their target price on shares of Fortis from C$63.00 to C$66.00 and gave the company a "sector perform" rating in a research report on Thursday, February 13th. CIBC raised their price target on shares of Fortis from C$68.00 to C$69.00 and gave the stock a "neutral" rating in a report on Thursday. Finally, UBS Group upped their price objective on shares of Fortis from C$58.00 to C$63.00 in a research note on Friday, March 21st. Two equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of C$63.14.

View Our Latest Analysis on Fortis

Fortis Price Performance

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$33.31 billion, a price-to-earnings ratio of 19.99, a PEG ratio of 3.01 and a beta of 0.23. The business's fifty day simple moving average is C$64.57 and its 200 day simple moving average is C$62.31.

Fortis Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 16th will be paid a $0.615 dividend. This represents a $2.46 annualized dividend and a dividend yield of 3.65%. Fortis's dividend payout ratio is presently 73.02%.

Fortis Company Profile

(Get Free Report)

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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