Fortis (TSE:FTS) Stock Price Passes Above 200 Day Moving Average of $55.91

Fortis Inc. (TSE:FTS – Get Rating) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of C$55.91 and traded as high as C$61.78. Fortis shares last traded at C$61.32, with a volume of 2,691,274 shares traded.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. UBS Group decreased their target price on Fortis from C$54.00 to C$53.00 in a research note on Friday, May 19th. National Bankshares upped their price target on Fortis from C$56.00 to C$57.00 and gave the company a “sector perform” rating in a report on Friday, May 5th. CIBC boosted their target price on shares of Fortis from C$59.00 to C$61.00 in a research note on Thursday, May 4th. TD Securities upped their price objective on shares of Fortis from C$63.00 to C$66.00 and gave the stock a “buy” rating in a report on Thursday, May 4th. Finally, Raymond James upped their price target on shares of Fortis from C$58.00 to C$65.00 in a report on Thursday, May 4th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of C$58.65.

Fortis Stock Performance

The company has a debt-to-equity ratio of 127.94, a current ratio of 0.68 and a quick ratio of 0.36. The company’s 50-day moving average price is C$58.96 and its two-hundred day moving average price is C$56.15. The company has a market capitalization of C$27.80 billion, a price-to-earnings ratio of 19.82, a PEG ratio of 3.10 and a beta of 0.17.

Fortis Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 1st. Shareholders of record on Thursday, June 1st will be issued a $0.565 dividend. This represents a $2.26 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date is Tuesday, May 16th. Fortis’s payout ratio is 76.87%.

About Fortis

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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 438,000 retail customers in southeastern Arizona; and 100,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,485 megawatts (MW), including 53 MW of solar capacity and 252 MV of wind capacity.