Fortis (TSE:FTS) Sets New 1-Year High at $59.30

Shares of Fortis Inc. (TSE:FTS) reached a new 52-week high during trading on Thursday . The stock traded as high as C$59.30 and last traded at C$59.24, with a volume of 270414 shares trading hands. The stock had previously closed at C$58.69.

Analyst Ratings Changes

Several research firms have commented on FTS. Wells Fargo & Company increased their price objective on shares of Fortis from C$56.00 to C$59.00 in a research report on Wednesday, May 8th. Scotiabank lowered their target price on shares of Fortis from C$60.00 to C$56.00 and set a “sector perform” rating for the company in a report on Monday, April 22nd. National Bankshares raised their target price on shares of Fortis from C$55.00 to C$56.00 and gave the stock a “sector perform” rating in a report on Thursday, August 1st. Raymond James raised their target price on shares of Fortis from C$59.00 to C$61.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. Finally, BMO Capital Markets raised their target price on shares of Fortis from C$58.50 to C$59.00 in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of C$58.17.

Fortis Stock Down 0.2 %

The business’s 50 day moving average is C$55.06 and its 200 day moving average is C$54.11. The company has a market capitalization of C$29.08 billion, a price-to-earnings ratio of 18.85, a PEG ratio of 2.80 and a beta of 0.18. The company has a debt-to-equity ratio of 128.89, a quick ratio of 0.36 and a current ratio of 0.60.

Fortis Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Tuesday, August 20th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 4.00%. The ex-dividend date of this dividend is Tuesday, August 20th. Fortis’s dividend payout ratio (DPR) is presently 75.40%.

Insider Buying and Selling

In other Fortis news, Senior Officer James Reid acquired 700 shares of the firm’s stock in a transaction on Wednesday, June 19th. The stock was acquired at an average cost of C$52.37 per share, for a total transaction of C$36,659.00. 0.04% of the stock is owned by company insiders.

Fortis Company Profile

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.