Fortis (TSE:FTS) Shares Pass Above 200 Day Moving Average of $52.65

Fortis Inc (TSE:FTS) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $52.65 and traded as high as $55.14. Fortis shares last traded at $54.44, with a volume of 288,347 shares.

A number of equities research analysts have recently weighed in on FTS shares. Wells Fargo & Co raised their price target on Fortis from C$57.00 to C$59.00 in a research note on Tuesday, September 3rd. CIBC raised their price objective on Fortis from C$55.00 to C$56.00 in a research note on Wednesday, September 11th. TD Securities raised their price objective on Fortis from C$50.00 to C$53.00 and gave the company a “hold” rating in a research note on Tuesday, August 6th. UBS Group raised their price objective on Fortis from C$59.00 to C$62.00 in a research note on Friday, September 6th. Finally, Royal Bank of Canada raised their target price on Fortis from C$56.00 to C$59.00 in a report on Wednesday, August 21st. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of C$56.00.

The company has a current ratio of 0.62, a quick ratio of 0.40 and a debt-to-equity ratio of 125.01. The company has a market cap of $24.10 billion and a price-to-earnings ratio of 14.81. The company has a fifty day moving average price of C$55.69 and a two-hundred day moving average price of C$52.65.

Fortis (TSE:FTS) last posted its earnings results on Friday, August 2nd. The company reported C$0.74 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of C$0.58 by C$0.16. The company had revenue of C$2.44 billion for the quarter, compared to the consensus estimate of C$2.01 billion. Sell-side analysts anticipate that Fortis Inc will post 2.7794925 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Tuesday, November 19th will be given a $0.477 dividend. This is an increase from Fortis’s previous quarterly dividend of $0.45. The ex-dividend date is Monday, November 18th. This represents a $1.91 annualized dividend and a yield of 3.51%. Fortis’s payout ratio is presently 48.55%.

About Fortis (TSE:FTS)

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.

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