Fortis (TSE:FTS) Share Price Crosses Above Two Hundred Day Moving Average of $55.52

Fortis Inc. (TSE:FTS) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$55.52 and traded as high as C$61.03. Fortis shares last traded at C$60.48, with a volume of 1,559,269 shares changing hands.

Analyst Ratings Changes

Several analysts have issued reports on the stock. BMO Capital Markets upped their price target on shares of Fortis from C$59.00 to C$61.00 in a research report on Thursday, September 5th. Raymond James upped their target price on Fortis from C$59.00 to C$61.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Bank of America set a C$60.00 price target on Fortis and gave the company an “underperform” rating in a research note on Friday. UBS Group raised Fortis to a “strong sell” rating in a report on Tuesday, September 10th. Finally, CIBC upped their price target on shares of Fortis from C$57.00 to C$59.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of C$60.10.

Fortis Price Performance

The business’s fifty day moving average price is C$58.86 and its 200 day moving average price is C$55.57. The company has a debt-to-equity ratio of 128.59, a current ratio of 0.69 and a quick ratio of 0.36. The stock has a market cap of C$30.01 billion, a P/E ratio of 19.00, a PEG ratio of 2.80 and a beta of 0.22.

Fortis (TSE:FTS) last issued its earnings results on Wednesday, July 31st. The company reported C$0.67 earnings per share for the quarter, beating analysts’ consensus estimates of C$0.65 by C$0.02. Fortis had a net margin of 14.35% and a return on equity of 7.44%. The firm had revenue of C$2.67 billion for the quarter, compared to analyst estimates of C$2.71 billion. Sell-side analysts forecast that Fortis Inc. will post 3.3416115 EPS for the current fiscal year.

Fortis Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Sunday, September 1st were given a dividend of $0.59 per share. The ex-dividend date was Tuesday, August 20th. This represents a $2.36 annualized dividend and a yield of 3.89%. Fortis’s dividend payout ratio is presently 73.98%.

Insider Transactions at Fortis

In other news, Senior Officer James Reid sold 19,972 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of C$59.46, for a total value of C$1,187,493.18. 0.04% of the stock is owned by company insiders.

Fortis Company Profile

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona’s Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.