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

Fortis Inc. (TSE:FTS) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$75.13 and traded as high as C$78.25. Fortis shares last traded at C$76.92, with a volume of 2,035,132 shares trading hands.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FTS. Barclays cut their price target on shares of Fortis from C$84.00 to C$83.00 and set an “overweight” rating on the stock in a report on Friday, May 8th. National Bank Financial boosted their price objective on Fortis from C$75.00 to C$82.00 and gave the company a “sector perform” rating in a research note on Monday, June 1st. Desjardins upped their target price on Fortis from C$79.00 to C$81.00 and gave the stock a “buy” rating in a research note on Friday, February 13th. Raymond James Financial lifted their price target on shares of Fortis from C$78.50 to C$80.50 and gave the company an “outperform” rating in a report on Tuesday, April 28th. Finally, Royal Bank Of Canada raised their price target on Fortis from C$79.00 to C$80.00 and gave the company a “sector perform” rating in a report on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Fortis presently has a consensus rating of “Moderate Buy” and a consensus price target of C$79.32.

Fortis Price Performance

The firm has a market cap of C$40.10 billion, a P/E ratio of 23.24, a PEG ratio of 3.01 and a beta of 0.43. The company has a current ratio of 0.49, a quick ratio of 0.36 and a debt-to-equity ratio of 145.23. The firm has a 50-day simple moving average of C$77.48 and a 200-day simple moving average of C$75.21.

Fortis (TSE:FTS) last issued its quarterly earnings results on Wednesday, May 6th. The company reported C$0.99 earnings per share for the quarter. Fortis had a return on equity of 7.51% and a net margin of 14.75%.The business had revenue of C$3.40 billion during the quarter. As a group, analysts forecast that Fortis Inc. will post 3.3419913 EPS for the current year.

Fortis Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, June 1st were issued a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Friday, May 15th. Fortis’s dividend payout ratio is 74.04%.

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. states, with more than 16,000 miles of high-voltage transmission lines in operation serving a peak load in excess of 23 gigawatts.