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

Key Points

• Fortis Inc.'s share price has crossed above its 200-day moving average, reaching C$67.94 with a high of C$68.13 during trading.
• Equities analysts have raised their price targets for Fortis, with Jefferies Financial Group and Raymond James both targeting C$72.00, indicating a favorable outlook for the stock.
• Fortis recently declared a quarterly dividend of $0.615 per share, representing an annualized dividend yield of 3.6% and a payout ratio of 71.62%.

Shares of Fortis Inc. (TSE:FTS - Get Free Report) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$66.32 and traded as high as C$68.13. Fortis shares last traded at C$67.94, with a volume of 2,735,799 shares traded.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on FTS shares. Raymond James Financial raised their target price on shares of Fortis from C$69.00 to C$72.00 and gave the company an "outperform" rating in a report on Tuesday, August 5th. Desjardins raised shares of Fortis from a "hold" rating to a "moderate buy" rating and raised their target price for the stock from C$71.00 to C$76.00 in a report on Tuesday, August 5th. Jefferies Financial Group boosted their target price on shares of Fortis from C$70.00 to C$72.00 in a research note on Monday, September 15th. TD Securities lifted their target price on Fortis from C$74.00 to C$77.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. Finally, National Bankshares lifted their target price on Fortis from C$65.00 to C$67.00 and gave the stock a "sector perform" rating in a research report on Tuesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Fortis currently has a consensus rating of "Moderate Buy" and an average price target of C$70.89.

Fortis Price Performance

The company's 50-day moving average price is C$68.17 and its two-hundred day moving average price is C$66.39. The company has a current ratio of 0.74, a quick ratio of 0.36 and a debt-to-equity ratio of 142.31. The company has a market cap of C$34.10 billion, a P/E ratio of 19.92, a P/E/G ratio of 3.01 and a beta of 0.38.

Fortis Dividend Announcement

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

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.