Hydro One (TSE:H) Hits New 52-Week High – Here’s Why

Hydro One Limited (TSE:H) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$48.75 and last traded at C$48.74, with a volume of 115631 shares. The stock had previously closed at C$48.46.

Analysts Set New Price Targets

Several brokerages have commented on H. Royal Bank of Canada raised their price objective on shares of Hydro One from C$43.00 to C$46.00 in a report on Friday, February 21st. Scotiabank boosted their price objective on shares of Hydro One from C$45.00 to C$46.00 and gave the stock a “sector perform” rating in a report on Thursday, February 13th. Finally, CIBC lifted their target price on shares of Hydro One from C$45.00 to C$46.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 8th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Hydro One has an average rating of “Hold” and an average price target of C$45.43.

Hydro One Price Performance

The firm’s 50-day moving average price is C$45.54 and its 200-day moving average price is C$45.35. The company has a current ratio of 0.58, a quick ratio of 0.30 and a debt-to-equity ratio of 140.53. The stock has a market capitalization of C$29.56 billion, a PE ratio of 26.00, a PEG ratio of 3.17 and a beta of 0.34.

Hydro One Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 31st will be issued a dividend of $0.3142 per share. This represents a $1.26 annualized dividend and a yield of 2.55%. This is an increase from Hydro One’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Wednesday, March 12th. Hydro One’s dividend payout ratio is presently 66.44%.

Insider Activity at Hydro One

In related news, Director Stacey Mowbray bought 700 shares of Hydro One stock in a transaction dated Monday, December 23rd. The shares were acquired at an average cost of C$44.03 per share, with a total value of C$30,818.20. Following the completion of the transaction, the director now owns 700 shares in the company, valued at C$30,818.20. The trade was a ∞ increase in their position. 47.12% of the stock is currently owned by insiders.

About Hydro One

Hydro One operates regulated transmission and distribution assets in Ontario. The area’s largest electricity provider serves nearly 1.5 million customers. Transmission accounts for roughly 60% of the company’s rate base, with distribution accounting for the remainder. Hydro One operates a small telecom business, Acronym Solutions, with annual revenue contributing less than 1% to consolidated results.