Fortis (TSE:FTS) Stock Passes Above 200-Day Moving Average - Here's What Happened

Key Points

• Fortis Inc. shares have surpassed their 200-day moving average of C$65.91, trading as high as C$68.46, indicating positive momentum in the stock.
• Recent analyst reports have resulted in price target increases, with TD Securities raising their target to C$77.00 and multiple firms upgrading their ratings to "strong-buy" and "outperform."
• The company announced a quarterly dividend of $0.615, with an annualized dividend yield of 3.6%, and a dividend payout ratio of 71.62%.

Fortis Inc. (TSE:FTS - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$65.91 and traded as high as C$68.46. Fortis shares last traded at C$68.17, with a volume of 1,382,151 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Raymond James Financial boosted their price objective on Fortis from C$69.00 to C$72.00 and gave the company an "outperform" rating in a research note on Tuesday, August 5th. Cibc World Mkts upgraded Fortis from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 21st. TD Securities upped their target price on Fortis from C$74.00 to C$77.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. National Bankshares lifted their price target on shares of Fortis from C$65.00 to C$67.00 and gave the stock a "sector perform" rating in a report on Tuesday, August 5th. Finally, Desjardins raised shares of Fortis from a "hold" rating to a "moderate buy" rating and raised their target price for the company from C$71.00 to C$76.00 in a research note on Tuesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Fortis has a consensus rating of "Hold" and an average target price of C$69.60.

Fortis Stock Down 1.1%

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 firm has a market capitalization of C$33.97 billion, a P/E ratio of 19.84, a PEG ratio of 3.01 and a beta of 0.38. The firm's fifty day moving average price is C$67.42 and its 200-day moving average price is C$66.04.

Fortis Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Monday, September 1st were issued a $0.615 dividend. This represents a $2.46 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Tuesday, August 19th. Fortis's dividend payout ratio (DPR) is currently 71.62%.

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.