Fortis (TSE:FTS) Stock Passes Above 200 Day Moving Average – What’s Next?

Fortis Inc. (TSE:FTS)’s stock price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of C$76.98 and traded as high as C$82.43. Fortis shares last traded at C$82.43, with a volume of 1,137,147 shares traded.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FTS. National Bank Financial raised their target price on Fortis from C$75.00 to C$82.00 and gave the stock a “sector perform” rating in a research report on Monday, June 1st. TD raised their price objective on shares of Fortis from C$83.00 to C$84.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Barclays decreased their target price on shares of Fortis from C$84.00 to C$83.00 and set an “overweight” rating on the stock in a research report on Friday, May 8th. Finally, Raymond James Financial increased their price target on shares of Fortis from C$78.50 to C$80.50 and gave the stock an “outperform” rating in a research report on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Fortis currently has an average rating of “Moderate Buy” and a consensus target price of C$79.32.

Fortis Stock Performance

The company has a quick ratio of 0.36, a current ratio of 0.49 and a debt-to-equity ratio of 145.23. The stock has a fifty day simple moving average of C$79.03 and a 200-day simple moving average of C$76.98. The company has a market capitalization of C$41.97 billion, a P/E ratio of 24.32, a PEG ratio of 3.01 and a beta of 0.41.

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

Fortis Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, June 1st were issued a $0.64 dividend. This represents a $2.56 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Friday, May 15th. Fortis’s payout ratio is presently 74.04%.

Insider Buying and Selling

In related news, insider James Reid sold 421 shares of the firm’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of C$79.05, for a total transaction of C$33,280.05. Following the completion of the sale, the insider directly owned 31,283 shares of the company’s stock, valued at C$2,472,921.15. This trade represents a 1.33% decrease in their position. In the last 90 days, insiders purchased 572 shares of company stock worth $45,909. 0.04% of the stock is owned by corporate insiders.

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