Fortis (TSE:FTS) Shares Cross Above 200 Day Moving Average of $54.23

Fortis Inc. (TSE:FTSGet Free Report) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$54.23 and traded as high as C$55.83. Fortis shares last traded at C$55.56, with a volume of 2,874,160 shares trading hands.

Analyst Ratings Changes

FTS has been the topic of a number of recent analyst reports. Scotiabank cut their price target on Fortis from C$60.00 to C$56.00 and set a “sector perform” rating on the stock in a report on Monday, April 22nd. BMO Capital Markets raised their price objective on shares of Fortis from C$58.00 to C$58.50 and gave the company a “market perform” rating in a research note on Thursday, May 2nd. JPMorgan Chase & Co. lowered their price objective on shares of Fortis from C$53.00 to C$50.00 and set an “underweight” rating on the stock in a research note on Monday, January 22nd. National Bankshares raised their price objective 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, CIBC raised their price objective on shares of Fortis from C$56.00 to C$57.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, Fortis has an average rating of “Hold” and a consensus target price of C$57.04.

Check Out Our Latest Report on Fortis

Fortis Stock Performance

The firm’s 50-day simple moving average is C$53.73 and its two-hundred day simple moving average is C$54.24. The company has a current ratio of 0.60, a quick ratio of 0.36 and a debt-to-equity ratio of 128.89. The stock has a market capitalization of C$27.36 billion, a PE ratio of 17.73, a PEG ratio of 2.80 and a beta of 0.18.

Fortis Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Saturday, June 1st will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 4.25%. The ex-dividend date is Thursday, May 16th. Fortis’s payout ratio is 75.40%.

Insiders Place Their Bets

In related news, Director Margarita Dilley purchased 960 shares of Fortis stock in a transaction dated Thursday, February 29th. The stock was acquired at an average cost of C$38.57 per share, with a total value of C$37,027.20. In other news, Director Margarita Dilley acquired 960 shares of Fortis stock in a transaction that occurred on Thursday, February 29th. The stock was purchased at an average price of C$38.57 per share, with a total value of C$37,027.20. Also, Director Brian Slocum bought 1,888 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was purchased at an average cost of C$39.18 per share, for a total transaction of C$73,971.65. In the last ninety days, insiders acquired 2,851 shares of company stock worth $111,115. 0.04% of the stock is currently owned by company insiders.

About Fortis

(Get Free Report)

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.

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