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

Key Points

• Fortis Inc. stock prices crossed above the 200-day moving average, trading at C$69.72 and reaching a high of C$70.03, indicating a potential bullish trend.
• Multiple analysts increased their price objectives for Fortis, with TD Securities raising their target from C$74.00 to C$77.00, and Desjardins upgrading the stock to a "moderate buy" with a new target of C$76.00.
• Fortis announced a quarterly dividend of $0.615 per share, reflecting an annualized yield of 3.5%, along with a modest payout ratio of 71.62%.

Fortis Inc. (TSE:FTS - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$66.55 and traded as high as C$70.03. Fortis shares last traded at C$69.72, with a volume of 1,397,769 shares trading hands.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. National Bankshares increased their price objective on shares of Fortis from C$65.00 to C$67.00 and gave the company a "sector perform" rating in a research note on Tuesday, August 5th. TD Securities increased their price objective on shares of Fortis from C$74.00 to C$77.00 and gave the company a "buy" rating in a research note on Tuesday, August 5th. Desjardins upgraded shares of Fortis from a "hold" rating to a "moderate buy" rating and increased their price objective for the company from C$71.00 to C$76.00 in a research note on Tuesday, August 5th. Cibc World Mkts upgraded shares of Fortis from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 21st. Finally, Jefferies Financial Group increased their price objective on shares of Fortis from C$70.00 to C$72.00 in a research note on Monday, September 15th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of C$70.89.

Fortis Stock Up 0.8%

The company has a market capitalization of C$35.11 billion, a price-to-earnings ratio of 20.51, a PEG ratio of 3.01 and a beta of 0.38. The stock's fifty day simple moving average is C$68.58 and its two-hundred day simple moving average is C$66.55. The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36.

Fortis Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Monday, September 1st were issued a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Tuesday, August 19th. Fortis's dividend payout ratio is 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.

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