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

Shares of 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$75.13 and traded as high as C$78.25. Fortis shares last traded at C$76.92, with a volume of 2,035,132 shares traded.

Analysts Set New Price Targets

FTS has been the subject of several recent analyst reports. Desjardins upped their price objective on Fortis from C$79.00 to C$81.00 and gave the stock a “buy” rating in a research report on Friday, February 13th. BMO Capital Markets upped their price objective on Fortis from C$74.00 to C$77.00 and gave the stock a “market perform” rating in a research report on Friday, February 13th. Scotiabank upped their price objective on Fortis from C$79.00 to C$80.00 and gave the stock a “sector perform” rating in a research report on Friday, February 13th. Royal Bank Of Canada upped their price objective on Fortis from C$79.00 to C$80.00 and gave the stock a “sector perform” rating in a research report on Friday, February 13th. Finally, TD upped their price objective on Fortis from C$83.00 to C$84.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Fortis presently has an average rating of “Moderate Buy” and a consensus price target of C$79.32.

Fortis Stock Down 1.2%

The company has a debt-to-equity ratio of 145.23, a current ratio of 0.49 and a quick ratio of 0.36. The stock has a market capitalization of C$39.16 billion, a P/E ratio of 22.69, a P/E/G ratio of 3.01 and a beta of 0.43. The firm has a 50-day simple moving average of C$77.46 and a 200 day simple moving average of C$75.13.

Fortis (TSE:FTS) last posted its earnings results on Wednesday, May 6th. The company reported C$0.99 EPS for the quarter. The firm had revenue of C$3.40 billion during the quarter. Fortis had a return on equity of 7.51% and a net margin of 14.75%. On average, equities research analysts forecast that Fortis Inc. will post 3.3419913 EPS for the current year.

Fortis Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, June 1st were given a $0.64 dividend. The ex-dividend date was Friday, May 15th. This represents a $2.56 annualized dividend and a yield of 3.3%. Fortis’s dividend payout ratio (DPR) is currently 74.04%.

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. states, with more than 16,000 miles of high-voltage transmission lines in operation serving a peak load in excess of 23 gigawatts.