Fortis (TSE:FTS) Shares Pass Above Two Hundred Day Moving Average of $0.00

Fortis Inc (TSE:FTS) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $0.00 and traded as high as $52.62. Fortis shares last traded at $52.36, with a volume of 362,905 shares.

A number of brokerages have weighed in on FTS. Raymond James upped their price objective on shares of Fortis from C$50.00 to C$55.00 in a report on Friday, July 26th. JPMorgan Chase & Co. upped their price objective on shares of Fortis from C$50.00 to C$52.00 in a report on Monday, July 15th. CIBC upped their price objective on shares of Fortis from C$52.00 to C$55.00 in a report on Tuesday, July 23rd. Royal Bank of Canada upped their price objective on shares of Fortis from C$53.00 to C$56.00 and gave the stock an “outperform” rating in a report on Thursday, May 2nd. Finally, CSFB upped their price objective on shares of Fortis from C$50.00 to C$54.00 and gave the stock a “neutral” rating in a report on Thursday, July 25th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Fortis has an average rating of “Buy” and a consensus price target of C$52.30.

The company’s fifty day moving average is C$52.09. The company has a debt-to-equity ratio of 133.75, a quick ratio of 0.37 and a current ratio of 0.70. The stock has a market cap of $22.42 billion and a PE ratio of 20.53.

Fortis (TSE:FTS) last posted its quarterly earnings results on Wednesday, May 1st. The company reported C$0.74 EPS for the quarter, missing the Zacks’ consensus estimate of C$0.75 by C($0.01). The firm had revenue of C$2.44 billion for the quarter, compared to analysts’ expectations of C$2.29 billion. As a group, sell-side analysts predict that Fortis Inc will post 2.7699997 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Sunday, September 1st will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date is Monday, August 19th. Fortis’s payout ratio is 68.60%.

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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