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

Shares of Fortis Inc. (TSE:FTS) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of C$61.31 and traded as high as C$64.97. Fortis shares last traded at C$64.68, with a volume of 905,051 shares.

Analyst Upgrades and Downgrades

FTS has been the subject of a number of research reports. Raymond James increased their price target on shares of Fortis from C$61.00 to C$62.50 in a research note on Tuesday, February 18th. Scotiabank upped their target price on Fortis from C$63.00 to C$66.00 and gave the stock a “sector perform” rating in a report on Thursday, February 13th. CIBC upped their target price on Fortis from C$64.00 to C$65.00 in a report on Tuesday, February 18th. Jefferies Financial Group set a C$67.00 target price on Fortis and gave the stock a “hold” rating in a report on Thursday, February 13th. Finally, Royal Bank of Canada upped their target price on Fortis from C$65.00 to C$69.00 in a report on Tuesday, February 18th. Two research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of C$62.45.

Fortis Price Performance

The firm has a 50-day moving average of C$62.12 and a 200-day moving average of C$61.31. The firm has a market capitalization of C$32.00 billion, a P/E ratio of 19.20, a PEG ratio of 3.01 and a beta of 0.23. The company has a debt-to-equity ratio of 142.31, a quick ratio of 0.36 and a current ratio of 0.74.

Fortis Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 16th will be given a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 3.80%. Fortis’s payout ratio is 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.