Fortis (TSE:FTS) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Fortis Inc. (TSE:FTS) shares crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$66.77 and traded as high as C$70.72. Fortis shares last traded at C$70.34, with a volume of 728,002 shares.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on FTS. Scotiabank raised their price target on shares of Fortis from C$70.00 to C$73.00 and gave the stock a “sector perform” rating in a research note on Monday. National Bankshares raised their target price 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. 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 research note 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 company from C$71.00 to C$76.00 in a research note on Tuesday, August 5th. Finally, TD Securities raised their target price 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. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Fortis has a consensus rating of “Moderate Buy” and a consensus target price of C$71.22.

Fortis Stock Down 0.1%

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 company has a market cap of C$35.42 billion, a price-to-earnings ratio of 20.69, a P/E/G ratio of 3.01 and a beta of 0.28. The stock has a fifty day moving average price of C$69.00 and a two-hundred day moving average price of C$66.77.

Fortis Announces Dividend

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