Fortis (TSE:FTS) Stock Crosses Above 200 Day Moving Average - Here's Why

Shares of Fortis Inc. (TSE:FTS - Get Free Report) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$64.08 and traded as high as C$64.85. Fortis shares last traded at C$64.53, with a volume of 727,373 shares changing hands.

Wall Street Analysts Forecast Growth

FTS has been the topic of a number of research analyst reports. Jefferies Financial Group lifted their price target on Fortis from C$67.00 to C$70.00 in a research note on Monday, April 14th. Scotiabank increased their price objective on Fortis from C$66.00 to C$70.00 and gave the stock a "sector perform" rating in a research 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 raised their price objective on Fortis from C$68.00 to C$69.00 and gave the company a "neutral" rating in a research note on Thursday, April 24th. Finally, Raymond James Financial dropped their price target on Fortis from C$69.00 to C$62.50 and set a "market perform" rating for the company in a research report on Thursday, April 17th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of C$65.14.

Fortis Stock Performance

The company has a quick ratio of 0.36, a current ratio of 0.74 and a debt-to-equity ratio of 142.31. The stock has a 50 day simple moving average of C$65.20 and a 200 day simple moving average of C$64.15. The company has a market capitalization of C$32.08 billion, a price-to-earnings ratio of 19.25, a P/E/G ratio of 3.01 and a beta of 0.23.

Fortis Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Sunday, June 1st were issued a $0.615 dividend. This represents a $2.46 dividend on an annualized basis and a yield of 3.79%. The ex-dividend date was Friday, May 16th. Fortis's dividend payout ratio (DPR) is 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.