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

Key Points

• Fortis Inc. shares crossed above their 200-day moving average, reaching a recent high of C$69.70, and last traded at C$68.79.
• Recent analyst reports have generally upgraded Fortis's ratings, with price targets raised by CIBC, Jefferies Financial Group, and Scotiabank.
• Fortis declared a quarterly dividend of $0.615 per share, indicating an annualized payout of $2.46 and a yield of 3.6%.

Fortis Inc. (TSE:FTS - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$64.67 and traded as high as C$69.70. Fortis shares last traded at C$68.79, with a volume of 2,011,986 shares.

Analyst Upgrades and Downgrades

FTS has been the topic of several analyst reports. TD Securities set a C$74.00 price objective on shares of Fortis and gave the company a "buy" rating in a report on Friday, June 27th. CIBC raised their price target on shares of Fortis from C$68.00 to C$69.00 and gave the stock a "neutral" rating in a research note on Thursday, April 24th. Cibc World Mkts upgraded Fortis from a "hold" rating to a "strong-buy" rating in a report on Monday, July 21st. Raymond James Financial raised shares of Fortis from a "market perform" rating to an "outperform" rating in a research note on Tuesday, July 22nd. Finally, Scotiabank boosted their target price on Fortis from C$66.00 to C$70.00 and gave the stock a "sector perform" rating in a report on Thursday, May 8th. Two analysts have rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of C$66.35.

Fortis Trading Up 1.5%

The company has a market capitalization of C$34.03 billion, a price-to-earnings ratio of 20.42, a P/E/G ratio of 3.01 and a beta of 0.23. 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 business's 50 day moving average price is C$65.45 and its two-hundred day moving average price is C$64.71.

Fortis Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Monday, September 1st will be given a dividend of $0.615 per share. The ex-dividend date is Tuesday, August 19th. This represents a $2.46 annualized dividend and a dividend yield of 3.6%. Fortis's dividend payout ratio is presently 73.02%.

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.