Fortis (TSE:FTS) Share Price Passes Above 200-Day Moving Average of $54.21

Fortis Inc. (TSE:FTS)’s stock price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$54.21 and traded as high as C$54.71. Fortis shares last traded at C$54.53, with a volume of 2,186,236 shares.

Wall Street Analyst Weigh In

FTS has been the topic of a number of recent research reports. Scotiabank dropped their price objective on shares of Fortis from C$60.00 to C$56.00 and set a “sector perform” rating on the stock in a research note on Monday, April 22nd. Wells Fargo & Company boosted their price objective on Fortis from C$56.00 to C$59.00 in a report on Wednesday, May 8th. CIBC raised their price objective on Fortis from C$56.00 to C$57.00 and gave the company a “neutral” rating in a report on Thursday, May 2nd. National Bankshares raised their price target on shares of Fortis from C$52.00 to C$55.00 and gave the company a “sector perform” rating in a research note on Tuesday, January 30th. Finally, Raymond James dropped their target price on shares of Fortis from C$62.00 to C$59.00 in a report on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of C$57.38.

Fortis Stock Up 0.0 %

The firm has a market capitalization of C$26.88 billion, a PE ratio of 17.42, a P/E/G ratio of 2.80 and a beta of 0.18. The company has a debt-to-equity ratio of 128.89, a quick ratio of 0.36 and a current ratio of 0.60. The business’s 50 day moving average price is C$53.88 and its 200-day moving average price is C$54.20.

Fortis (TSE:FTS) last issued its earnings results on Wednesday, May 1st. The company reported C$0.93 EPS for the quarter, topping analysts’ consensus estimates of C$0.89 by C$0.04. The firm had revenue of C$3.12 billion during the quarter, compared to the consensus estimate of C$3.34 billion. Fortis had a net margin of 14.11% and a return on equity of 7.38%. As a group, equities research analysts forecast that Fortis Inc. will post 3.2075145 earnings per share for the current year.

Fortis Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Saturday, June 1st will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.33%. The ex-dividend date of this dividend is Thursday, May 16th. Fortis’s payout ratio is currently 75.40%.

Insider Buying and Selling

In other news, Director Brian Slocum acquired 1,888 shares of Fortis stock in a transaction that occurred on Tuesday, March 5th. The stock was purchased at an average cost of C$39.18 per share, with a total value of C$73,971.65. In related news, Director Brian Slocum purchased 1,888 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was bought at an average price of C$39.18 per share, with a total value of C$73,971.65. Also, Senior Officer Ronald Hinsley sold 972 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of C$38.79, for a total transaction of C$37,706.21. Insiders bought 2,851 shares of company stock valued at $111,115 over the last ninety days. Corporate insiders own 0.04% of the company’s stock.

Fortis Company Profile

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 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.