Fortis (TSE:FTS) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Fortis Inc. (TSE:FTS) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$59.08 and traded as high as C$60.04. Fortis shares last traded at C$59.35, with a volume of 777,745 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. UBS Group raised Fortis to a “strong sell” rating in a research report on Tuesday, September 10th. Raymond James lowered Fortis from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 6th. Bank of America set a C$60.00 price target on Fortis and gave the company an “underperform” rating in a report on Friday, September 20th. Finally, Royal Bank of Canada lifted their target price on shares of Fortis from C$62.00 to C$65.00 and gave the company a “sector perform” rating in a report on Thursday, October 3rd. Three investment analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of C$60.33.

Fortis Trading Down 1.1 %

The company’s fifty day simple moving average is C$61.11 and its 200-day simple moving average is C$59.08. The firm has a market capitalization of C$29.39 billion, a PE ratio of 18.61, a P/E/G ratio of 3.01 and a beta of 0.23. The company has a debt-to-equity ratio of 128.59, a current ratio of 0.69 and a quick ratio of 0.36.

Fortis Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, December 1st. Investors of record on Sunday, December 1st were issued a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 5.59%. This is a boost from Fortis’s previous quarterly dividend of $0.59. The ex-dividend date was Monday, November 18th. Fortis’s payout ratio is presently 77.12%.

Insider Buying and Selling at Fortis

In other Fortis news, Senior Officer Keri Linda Glitch bought 450 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was acquired at an average price of C$61.41 per share, with a total value of C$27,634.59. Following the completion of the acquisition, the insider now directly owns 450 shares of the company’s stock, valued at C$27,634.59. This represents a ? increase in their ownership of the stock. Also, Senior Officer Jocelyn Perry sold 11,809 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of C$63.19, for a total transaction of C$746,178.83. Insiders own 0.04% of the company’s stock.

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.