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

Fortis Inc. (TSE:FTS)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$69.96 and traded as high as C$72.88. Fortis shares last traded at C$72.09, with a volume of 1,174,773 shares traded.

Analysts Set New Price Targets

A number of research firms have issued reports on FTS. Raymond James Financial lifted their price target on Fortis from C$72.00 to C$75.50 and gave the company an “outperform” rating in a research note on Friday, October 24th. Royal Bank Of Canada raised their target price on Fortis from C$72.00 to C$79.00 in a report on Wednesday, November 5th. Desjardins upped their price target on Fortis from C$76.00 to C$79.00 and gave the stock a “buy” rating in a report on Wednesday, October 22nd. National Bankshares increased their price target on Fortis from C$68.00 to C$72.00 and gave the company a “sector perform” rating in a research report on Wednesday, December 17th. Finally, Scotiabank raised their price objective on Fortis from C$74.00 to C$79.00 in a research note on Tuesday, December 16th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of C$74.85.

Fortis Stock Up 0.1%

The stock has a 50-day moving average of C$71.51 and a 200 day moving average of C$70.01. The company has a market capitalization of C$36.21 billion, a PE ratio of 21.49, a P/E/G ratio of 3.01 and a beta of 0.31. 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 announced its quarterly earnings data on Tuesday, November 4th. The company reported C$0.87 earnings per share (EPS) for the quarter. Fortis had a return on equity of 7.48% and a net margin of 14.53%.The firm had revenue of C$2.94 billion during the quarter. Sell-side analysts anticipate that Fortis Inc. will post 3.3419913 EPS for the current year.

Fortis Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Monday, December 1st were issued a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 3.5%. This is a boost from Fortis’s previous quarterly dividend of $0.62. The ex-dividend date was Monday, November 17th. Fortis’s dividend payout ratio is 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. states, with more than 16,000 miles of high-voltage transmission lines in operation serving a peak load in excess of 23 gigawatts.