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

Fortis Inc. (TSE:FTS)’s stock price reached a new 52-week high on Monday . The stock traded as high as C$65.00 and last traded at C$64.73, with a volume of 69217 shares trading hands. The stock had previously closed at C$64.20.

Wall Street Analyst Weigh In

Several brokerages have recently commented on FTS. Raymond James increased their price target on shares of Fortis from C$61.00 to C$62.50 in a research note on Tuesday, February 18th. CIBC upped their price target on Fortis from C$64.00 to C$65.00 in a report on Tuesday, February 18th. Jefferies Financial Group set a C$67.00 price objective on Fortis and gave the company a “hold” rating in a report on Thursday, February 13th. Scotiabank upped their price objective on Fortis from C$63.00 to C$66.00 and gave the stock a “sector perform” rating in a report on Thursday, February 13th. Finally, Royal Bank of Canada boosted their target price on Fortis from C$65.00 to C$69.00 in a research report on Tuesday, February 18th. Two investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of C$62.45.

Fortis Stock Up 0.6 %

The firm has a market capitalization of C$31.96 billion, a P/E ratio of 19.17, a PEG ratio of 3.01 and a beta of 0.23. The firm’s 50 day moving average is C$61.55 and its two-hundred day moving average is C$61.12. The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36.

Fortis Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 16th will be issued a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 3.81%. Fortis’s dividend payout ratio (DPR) is presently 73.02%.

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.