Fortis (TSE:FTS) Stock Crosses Above 200-Day Moving Average – Here’s Why

Fortis Inc. (TSE:FTS)’s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$60.92 and traded as high as C$63.22. Fortis shares last traded at C$62.74, with a volume of 1,934,187 shares changing hands.

Analyst Ratings Changes

FTS has been the subject of several research analyst reports. Royal Bank of Canada raised their target price on shares of Fortis from C$65.00 to C$69.00 in a research report on Tuesday, February 18th. Raymond James upped their target price on Fortis from C$61.00 to C$62.50 in a report on Tuesday, February 18th. Jefferies Financial Group set a C$67.00 target price on Fortis and gave the company a “hold” rating in a research note on Thursday, February 13th. Scotiabank increased 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, CIBC raised their price objective on Fortis from C$64.00 to C$65.00 in a research report on Tuesday, February 18th. Two research 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 has a consensus rating of “Hold” and a consensus price target of C$62.45.

Fortis Stock Up 0.4 %

The stock has a market cap of C$31.18 billion, a PE ratio of 18.71, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23. The company’s 50-day moving average price is C$61.14 and its 200 day moving average price is C$60.92. The company has a debt-to-equity ratio of 142.31, a quick ratio of 0.36 and a current ratio of 0.74.

Fortis Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 16th will be paid a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 3.90%. Fortis’s dividend payout ratio (DPR) is 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.