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

Fortis Inc. (TSE:FTS)’s stock price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$63.42 and traded as high as C$67.03. Fortis shares last traded at C$66.43, with a volume of 1,322,133 shares.

Analysts Set New Price Targets

A number of analysts have recently commented on FTS shares. Royal Bank of Canada boosted their price target on Fortis from C$69.00 to C$72.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 8th. Scotiabank boosted their target price on Fortis from C$66.00 to C$70.00 and gave the stock a “sector perform” rating in a report on Thursday, May 8th. UBS Group increased their target price on Fortis from C$58.00 to C$63.00 in a research note on Friday, March 21st. CIBC lifted their price target on Fortis from C$68.00 to C$69.00 and gave the stock a “neutral” rating in a research report on Thursday, April 24th. Finally, Jefferies Financial Group upped their price target on shares of Fortis from C$67.00 to C$70.00 in a research note on Monday, April 14th. Two research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of C$64.25.

Fortis Trading Down 0.5%

The stock has a market cap of C$32.86 billion, a price-to-earnings ratio of 19.72, 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 current ratio of 0.74 and a quick ratio of 0.36. The company’s fifty day moving average price is C$66.15 and its 200-day moving average price is C$63.42.

Fortis Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Sunday, June 1st were given a dividend of $0.615 per share. The ex-dividend date of this dividend was Friday, May 16th. This represents a $2.46 annualized dividend and a yield of 3.70%. Fortis’s dividend payout ratio is presently 73.02%.

Fortis Company Profile

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.