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

Fortis Inc. (TSE:FTS) shares crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of C$61.31 and traded as high as C$64.97. Fortis shares last traded at C$64.68, with a volume of 905,051 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have commented on FTS shares. Scotiabank upped 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. CIBC increased their price objective on Fortis from C$64.00 to C$65.00 in a research note on Tuesday, February 18th. Royal Bank of Canada raised their price objective on Fortis from C$65.00 to C$69.00 in a 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. Finally, Jefferies Financial Group set a C$67.00 price target on Fortis and gave the company a “hold” rating in a research note on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of C$62.45.

Fortis Price Performance

The firm has a market capitalization of C$32.00 billion, a PE ratio of 19.20, a P/E/G ratio of 3.01 and a beta of 0.23. The company has a debt-to-equity ratio of 142.31, a quick ratio of 0.36 and a current ratio of 0.74. The stock has a fifty day moving average price of C$62.22 and a 200-day moving average price of C$61.35.

Fortis Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 16th will be paid a $0.615 dividend. This represents a $2.46 annualized dividend and a yield of 3.80%. Fortis’s dividend payout ratio (DPR) is presently 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.