Fortis (TSE:FTS) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s Why

Fortis Inc. (TSE:FTS)’s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$58.86 and traded as high as C$60.50. Fortis shares last traded at C$60.35, with a volume of 672,544 shares trading hands.

Wall Street Analyst Weigh In

FTS has been the subject of several analyst reports. UBS Group raised Fortis to a “strong sell” rating in a research report on Tuesday, September 10th. BMO Capital Markets increased their target price on shares of Fortis from C$59.00 to C$61.00 in a research report on Thursday, September 5th. Raymond James cut shares of 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 price objective on Fortis and gave the stock an “underperform” rating in a report on Friday, September 20th. Finally, Royal Bank of Canada raised their price target on Fortis from C$62.00 to C$65.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 3rd. Three investment analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of C$60.33.

Fortis Stock Performance

The company has a quick ratio of 0.36, a current ratio of 0.69 and a debt-to-equity ratio of 128.59. The stock has a fifty day moving average price of C$61.36 and a 200-day moving average price of C$58.86. The firm has a market cap of C$29.89 billion, a price-to-earnings ratio of 18.92, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23.

Fortis Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Sunday, December 1st were issued a $0.83 dividend. This is an increase from Fortis’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Monday, November 18th. This represents a $3.32 annualized dividend and a dividend yield of 5.50%. Fortis’s payout ratio is presently 77.12%.

Insider Buying and Selling

In related news, Director Gary Joseph Smith sold 21,716 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were 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. 0.04% of the stock is currently owned by corporate insiders.

About Fortis

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.