Fortis (TSE:FTS) Stock Passes Above Two Hundred Day Moving Average – Here’s What Happened

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$58.44 and traded as high as C$61.21. Fortis shares last traded at C$60.19, with a volume of 3,321,823 shares.

Wall Street Analyst Weigh In

Several research analysts have weighed in on FTS shares. Raymond James lowered Fortis from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th. Bank of America set a C$60.00 target price on Fortis and gave the stock an “underperform” rating in a research note on Friday, September 20th. National Bankshares lifted their target price on Fortis from C$56.00 to C$62.00 and gave the stock a “sector perform” rating in a research note on Friday, August 23rd. Scotiabank lifted their target price on Fortis from C$56.00 to C$63.00 and gave the stock a “sector perform” rating in a research note on Tuesday, August 20th. Finally, BMO Capital Markets lifted their target price on Fortis from C$59.00 to C$61.00 in a research note on Thursday, September 5th. Three investment analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of C$60.33.

Fortis Price Performance

The company has a 50 day moving average of C$61.51 and a 200-day moving average of C$58.44. The firm has a market capitalization of C$29.81 billion, a P/E ratio of 18.87, a P/E/G ratio of 3.01 and a beta of 0.23. The company has a current ratio of 0.69, a quick ratio of 0.36 and a debt-to-equity ratio of 128.59.

Fortis Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Investors of record on Sunday, December 1st were paid a $0.83 dividend. The ex-dividend date of this dividend was Monday, November 18th. This is an increase from Fortis’s previous quarterly dividend of $0.59. This represents a $3.32 annualized dividend and a yield of 5.52%. Fortis’s payout ratio is 77.12%.

Insider Activity

In other news, Director Gary Joseph Smith sold 21,716 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of C$61.45, for a total transaction of C$1,334,543.75. Also, Senior Officer Jocelyn Perry sold 11,809 shares of the company’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of C$63.19, for a total value of C$746,178.83. 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.