Fortis (TSE:FTS) Shares Cross Above 200 Day Moving Average - What's Next?

Fortis Inc. (TSE:FTS - Get Free Report)'s share price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$63.53 and traded as high as C$64.97. Fortis shares last traded at C$64.76, with a volume of 1,576,708 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on FTS shares. Jefferies Financial Group upped their price target on shares of Fortis from C$67.00 to C$70.00 in a research note on Monday, April 14th. Scotiabank upped their target price 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. Royal Bank of Canada raised their price target on Fortis from C$69.00 to C$72.00 and gave the stock a "sector perform" rating in a research note on Thursday, May 8th. UBS Group boosted their price target on Fortis from C$58.00 to C$63.00 in a research note on Friday, March 21st. Finally, Raymond James dropped their price objective on Fortis from C$69.00 to C$62.50 and set a "market perform" rating on the stock in a report on Thursday, April 17th. Two analysts have rated the stock with a sell rating and six have given a hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of C$64.25.

Fortis Stock Up 0.8%

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 business has a 50-day simple moving average of C$66.07 and a 200-day simple moving average of C$63.53. The stock has a market cap of C$32.28 billion, a P/E ratio of 19.37, a PEG ratio of 3.01 and a beta of 0.23.

Fortis Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Sunday, June 1st were issued a $0.615 dividend. The ex-dividend date was Friday, May 16th. This represents a $2.46 annualized dividend and a yield of 3.77%. Fortis's dividend payout ratio (DPR) 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.