Fortis (TSE:FTS) Reaches New 52-Week High – Should You Buy?

Fortis Inc. (TSE:FTS) shares reached a new 52-week high during trading on Friday . The stock traded as high as C$65.28 and last traded at C$64.82, with a volume of 1636806 shares. The stock had previously closed at C$64.03.

Analyst Ratings Changes

A number of research firms have recently weighed in on FTS. Royal Bank of Canada boosted their target price on Fortis from C$65.00 to C$69.00 in a research note on Tuesday, February 18th. UBS Group boosted their price objective on Fortis from C$58.00 to C$63.00 in a research report on Friday, March 21st. Jefferies Financial Group set a C$67.00 target price on shares of Fortis and gave the stock a “hold” rating in a report on Thursday, February 13th. CIBC upped their price target on shares of Fortis from C$64.00 to C$65.00 in a report on Tuesday, February 18th. Finally, Scotiabank raised their price target on shares of Fortis from C$63.00 to C$66.00 and gave the stock a “sector perform” rating in a report on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of C$62.50.

Fortis Trading Up 1.2 %

The stock’s fifty day moving average price is C$62.90 and its 200 day moving average price is C$61.59. The stock has a market cap of C$32.07 billion, a P/E ratio of 19.24, a PEG ratio of 3.01 and a beta of 0.23. The company has a current ratio of 0.74, a quick ratio of 0.36 and a debt-to-equity ratio of 142.31.

Fortis Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 16th will be given a $0.615 dividend. This represents a $2.46 dividend on an annualized basis and a dividend yield of 3.80%. Fortis’s dividend payout ratio is currently 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.