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

Fortis Inc. (TSE:FTS)’s share price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$68.23 and traded as high as C$72.76. Fortis shares last traded at C$72.56, with a volume of 4,877,574 shares changing hands.

Wall Street Analysts Forecast Growth

FTS has been the topic of several research analyst reports. 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 report on Monday, October 6th. Royal Bank Of Canada lifted their target price on Fortis from C$72.00 to C$79.00 in a research report on Wednesday, November 5th. CIBC boosted their price target on Fortis from C$74.00 to C$75.00 in a research note on Wednesday, November 5th. Jefferies Financial Group raised their price objective on Fortis from C$70.00 to C$72.00 in a research report on Monday, September 15th. Finally, Desjardins boosted their price objective on Fortis from C$76.00 to C$79.00 and gave the company a “buy” rating in a research report on Wednesday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of C$73.65.

Fortis Trading Down 0.1%

The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36. The business’s 50 day simple moving average is C$71.00 and its 200 day simple moving average is C$68.23. The stock has a market cap of C$36.40 billion, a P/E ratio of 21.60, a PEG ratio of 3.01 and a beta of 0.29.

Fortis (TSE:FTS) last released its quarterly earnings data on Tuesday, November 4th. The company reported C$0.87 earnings per share for the quarter. The company had revenue of C$2.94 billion for the quarter. Fortis had a return on equity of 7.48% and a net margin of 14.53%. On average, analysts expect that Fortis Inc. will post 3.3419913 earnings per share for the current fiscal year.

Fortis Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, December 1st will be paid a dividend of $0.64 per share. This is an increase from Fortis’s previous quarterly dividend of $0.62. This represents a $2.56 annualized dividend and a yield of 3.5%. The ex-dividend date is Monday, November 17th. Fortis’s dividend payout ratio is currently 73.21%.

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.