Fortis (TSE:FTS) Hits New 52-Week High – Time to Buy?

Shares of Fortis Inc. (TSE:FTS) reached a new 52-week high on Thursday . The company traded as high as C$67.52 and last traded at C$66.74, with a volume of 399448 shares trading hands. The stock had previously closed at C$66.11.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on FTS shares. UBS Group boosted their price objective on Fortis from C$58.00 to C$63.00 in a research note on Friday, March 21st. CIBC upped their price target on shares of Fortis from C$65.00 to C$68.00 in a research report on Friday. Jefferies Financial Group set a C$67.00 price objective on shares of Fortis and gave the company a “hold” rating in a research report on Thursday, February 13th. Scotiabank boosted their target price on shares of Fortis from C$63.00 to C$66.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 13th. Finally, 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. Two analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to data from MarketBeat.com, Fortis presently has an average rating of “Hold” and a consensus target price of C$62.77.

Fortis Trading Down 1.5 %

The business’s 50 day simple moving average is C$63.51 and its 200-day simple moving average is C$61.81. The stock has a market capitalization of C$32.51 billion, a P/E ratio of 19.50, a PEG ratio of 3.01 and a beta of 0.23. 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 business also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 16th will be issued a $0.615 dividend. This represents a $2.46 dividend on an annualized basis and a yield of 3.74%. Fortis’s dividend payout ratio is presently 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.