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

Fortis Inc. (TSE:FTS - Get Free Report) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$60.92 and traded as high as C$63.22. Fortis shares last traded at C$62.74, with a volume of 1,934,187 shares changing hands.

Analysts Set New Price Targets

FTS has been the topic of a number of research reports. Raymond James boosted their price objective on Fortis from C$61.00 to C$62.50 in a research report on Tuesday, February 18th. CIBC boosted their price target on Fortis from C$64.00 to C$65.00 in a report on Tuesday, February 18th. Scotiabank raised their price objective on shares of Fortis from C$63.00 to C$66.00 and gave the company a "sector perform" rating in a report on Thursday, February 13th. Royal Bank of Canada lifted their target price on shares of Fortis from C$65.00 to C$69.00 in a research report on Tuesday, February 18th. Finally, Jefferies Financial Group set a C$67.00 price target on shares of Fortis and gave the company a "hold" rating in a research report on Thursday, February 13th. Two research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of C$62.45.

Fortis Stock Performance

The stock has a market capitalization of C$31.66 billion, a P/E ratio of 19.00, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23. The company has a current ratio of 0.74, a quick ratio of 0.36 and a debt-to-equity ratio of 142.31. The company has a 50-day moving average price of C$61.36 and a two-hundred day moving average price of C$61.02.

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Fortis Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 16th will be paid a $0.615 dividend. This represents a $2.46 annualized dividend and a yield of 3.84%. Fortis's dividend payout ratio (DPR) is presently 73.02%.

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.