Fortis (TSE:FTS) Stock Passes Above Two Hundred Day Moving Average – Time to Sell?

Fortis Inc. (TSE:FTS) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$63.53 and traded as high as C$64.97. Fortis shares last traded at C$64.76, with a volume of 1,576,708 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Scotiabank upped their price target on Fortis from C$66.00 to C$70.00 and gave the stock a “sector perform” rating in a report on Thursday, May 8th. Jefferies Financial Group upped their price target on Fortis from C$67.00 to C$70.00 in a report on Monday, April 14th. Raymond James lowered their price target on Fortis from C$69.00 to C$62.50 and set a “market perform” rating on the stock in a report on Thursday, April 17th. Royal Bank of Canada upped their target price on Fortis from C$69.00 to C$72.00 and gave the company a “sector perform” rating in a research note on Thursday, May 8th. Finally, CIBC upped their target price on Fortis from C$68.00 to C$69.00 and gave the company a “neutral” rating in a research note on Thursday, April 24th. Two research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of C$64.25.

Fortis Trading Down 0.3%

The company has a market cap of C$32.04 billion, a PE ratio of 19.22, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23. The business has a 50 day simple moving average of C$66.07 and a two-hundred day simple moving average of C$63.53. The company has a current ratio of 0.74, a quick ratio of 0.36 and a debt-to-equity ratio of 142.31.

Fortis Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Sunday, June 1st were paid a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date was Friday, May 16th. Fortis’s dividend payout ratio is presently 73.02%.

About Fortis

Fortis owns and operates 10 utility transmission and distribution assets in Canada and the United States, serving more than 3.4 million electricity and gas customers. The company has smaller stakes in electricity generation and several Caribbean utilities. ITC operates electric transmission in seven U.S.