Fortis (TSE:FTS) Share Price Passes Above 200-Day Moving Average – Should You Sell?

Fortis Inc. (TSE:FTS)’s stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$69.96 and traded as high as C$72.88. Fortis shares last traded at C$72.09, with a volume of 1,174,773 shares changing hands.

Analyst Ratings Changes

A number of analysts have issued reports on FTS shares. Royal Bank Of Canada raised their price target on Fortis from C$72.00 to C$79.00 in a research note on Wednesday, November 5th. BMO Capital Markets raised their target price on shares of Fortis from C$72.00 to C$74.00 in a research report on Wednesday, November 5th. CIBC upped their price target on shares of Fortis from C$75.00 to C$76.00 in a research report on Wednesday, December 17th. Desjardins increased their price target on shares of Fortis from C$76.00 to C$79.00 and gave the stock a “buy” rating in a research note on Wednesday, October 22nd. Finally, National Bankshares boosted their price objective on shares of Fortis from C$68.00 to C$72.00 and gave the company a “sector perform” rating in a research note on Wednesday, December 17th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of C$74.85.

Fortis Trading Down 0.3%

The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36. The business’s 50-day simple moving average is C$71.53 and its two-hundred day simple moving average is C$69.96. The stock has a market capitalization of C$36.16 billion, a price-to-earnings ratio of 21.46, a PEG ratio of 3.01 and a beta of 0.31.

Fortis (TSE:FTS) last issued its earnings results on Tuesday, November 4th. The company reported C$0.87 EPS for the quarter. Fortis had a net margin of 14.53% and a return on equity of 7.48%. The business had revenue of C$2.94 billion for the quarter. On average, research analysts anticipate that Fortis Inc. will post 3.3419913 earnings per share for the current fiscal year.

Fortis Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Monday, December 1st were paid a dividend of $0.64 per share. This is a boost from Fortis’s previous quarterly dividend of $0.62. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Monday, November 17th. Fortis’s payout ratio is presently 73.21%.

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. states, with more than 16,000 miles of high-voltage transmission lines in operation serving a peak load in excess of 23 gigawatts.