Fortis (TSE:FTS) Reaches New 1-Year High – Time to Buy?

Shares of Fortis Inc. (TSE:FTS) reached a new 52-week high during trading on Thursday . The stock traded as high as C$62.54 and last traded at C$62.44, with a volume of 192327 shares trading hands. The stock had previously closed at C$61.60.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Royal Bank of Canada upped their price target on Fortis from C$62.00 to C$65.00 and gave the stock a “sector perform” rating in a report on Thursday, October 3rd. National Bankshares boosted their price objective on shares of Fortis from C$56.00 to C$62.00 and gave the company a “sector perform” rating in a research note on Friday, August 23rd. Scotiabank increased their target price on shares of Fortis from C$56.00 to C$63.00 and gave the stock a “sector perform” rating in a research note on Tuesday, August 20th. Raymond James lowered shares of Fortis from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th. Finally, UBS Group upgraded Fortis to a “strong sell” rating in a research report on Tuesday, September 10th. Three analysts have rated the stock with a sell rating and six have given a hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of C$60.33.

Fortis Stock Performance

The stock has a market cap of C$30.88 billion, a PE ratio of 19.31, a P/E/G ratio of 3.01 and a beta of 0.23. The company has a fifty day moving average price of C$60.85 and a 200 day moving average price of C$57.41. The company has a quick ratio of 0.36, a current ratio of 0.69 and a debt-to-equity ratio of 128.59.

Fortis Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Sunday, December 1st will be given a $0.83 dividend. The ex-dividend date is Monday, November 18th. This represents a $3.32 annualized dividend and a yield of 5.32%. This is an increase from Fortis’s previous quarterly dividend of $0.59. Fortis’s payout ratio is presently 77.12%.

Insider Transactions at Fortis

In related news, Senior Officer James Reid sold 19,972 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of C$59.46, for a total value of C$1,187,493.18. In other Fortis news, Senior Officer James Reid sold 19,972 shares of Fortis stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of C$59.46, for a total transaction of C$1,187,493.18. Also, Director Gary Joseph Smith sold 21,716 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of C$61.45, for a total value of C$1,334,543.75. Company insiders own 0.04% of the company’s stock.

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.