Hydro One (TSE:H) Reaches New 1-Year High – Here’s Why

Shares of Hydro One Limited (TSE:H) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as C$60.54 and last traded at C$60.54, with a volume of 97087 shares traded. The stock had previously closed at C$59.79.

Analysts Set New Price Targets

H has been the topic of several recent analyst reports. Jefferies Financial Group cut shares of Hydro One from a “hold” rating to a “moderate sell” rating in a research report on Monday, June 1st. Barclays reduced their target price on Hydro One from C$66.00 to C$63.00 in a report on Friday, April 10th. Raymond James Financial lifted their price target on Hydro One from C$57.00 to C$58.00 and gave the stock a “market perform” rating in a report on Tuesday, April 28th. BMO Capital Markets lifted their price target on Hydro One from C$55.00 to C$58.00 and gave the stock a “market perform” rating in a report on Thursday, May 14th. Finally, TD boosted their price objective on Hydro One from C$57.00 to C$58.00 and gave the stock a “hold” rating in a research report on Thursday, May 14th. Two investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of C$57.09.

Hydro One Price Performance

The firm has a market cap of C$35.23 billion, a PE ratio of 25.75, a P/E/G ratio of 3.17 and a beta of 0.34. The company has a debt-to-equity ratio of 149.17, a current ratio of 0.54 and a quick ratio of 0.30. The business’s fifty day moving average is C$58.08 and its 200-day moving average is C$57.38.

Hydro One (TSE:H) last released its earnings results on Wednesday, May 13th. The company reported C$0.65 earnings per share for the quarter. Hydro One had a net margin of 14.78% and a return on equity of 10.87%. The firm had revenue of C$1.22 billion for the quarter. On average, research analysts predict that Hydro One Limited will post 2.0572195 earnings per share for the current fiscal year.

Hydro One Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 30th were paid a $0.3531 dividend. The ex-dividend date was Wednesday, June 10th. This is a positive change from Hydro One’s previous quarterly dividend of $0.33. This represents a $1.41 annualized dividend and a yield of 2.4%. Hydro One’s dividend payout ratio (DPR) is currently 58.44%.

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. The province of Ontario holds an approximate 47% common equity stake.