Fortis (TSE:FTS) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Fortis Inc. (TSE:FTS) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$68.73 and traded as high as C$70.24. Fortis shares last traded at C$70.16, with a volume of 1,790,746 shares trading hands.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on FTS shares. Raymond James Financial lifted their target price on shares of Fortis from C$72.00 to C$75.50 and gave the stock an “outperform” rating in a research report on Friday, October 24th. Desjardins lifted their price objective on Fortis from C$76.00 to C$79.00 and gave the stock a “buy” rating in a research report on Wednesday, October 22nd. TD Securities upped their target price on Fortis from C$77.00 to C$79.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Scotiabank raised their price target on Fortis from C$70.00 to C$73.00 and gave the stock a “sector perform” rating in a research report on Monday, October 6th. Finally, CIBC boosted their price target on Fortis from C$74.00 to C$75.00 in a report on Wednesday, November 5th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Fortis has a consensus rating of “Moderate Buy” and an average target price of C$73.65.

Fortis Price Performance

The company has a 50 day moving average of C$71.72 and a 200 day moving average of C$68.73. The stock has a market capitalization of C$35.46 billion, a price-to-earnings ratio of 20.88, a price-to-earnings-growth ratio of 3.01 and a beta of 0.30. The company has a quick ratio of 0.36, a current ratio of 0.74 and a debt-to-equity ratio of 142.31.

Fortis (TSE:FTS) last issued its quarterly earnings results on Tuesday, November 4th. The company reported C$0.87 EPS for the quarter. The firm had revenue of C$2.94 billion during the quarter. Fortis had a net margin of 14.53% and a return on equity of 7.48%. As a group, equities research analysts forecast that Fortis Inc. will post 3.3419913 EPS for the current fiscal year.

Fortis Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Monday, December 1st were issued a $0.64 dividend. The ex-dividend date was Monday, November 17th. This represents a $2.56 annualized dividend and a yield of 3.6%. This is an increase from Fortis’s previous quarterly dividend of $0.62. Fortis’s payout ratio is currently 73.21%.

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.