Fortis (TSE:FTS) Shares Pass Above 200-Day Moving Average – Time to Sell?

Fortis Inc. (TSE:FTS) shares crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of C$63.62 and traded as high as C$64.95. Fortis shares last traded at C$64.62, with a volume of 2,147,682 shares traded.

Wall Street Analysts Forecast Growth

FTS has been the subject of a number of recent research reports. Royal Bank Of Canada raised their price target on shares of Fortis from C$69.00 to C$72.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 8th. Raymond James Financial reduced their price target on shares of Fortis from C$69.00 to C$62.50 and set a “market perform” rating for the company in a research report on Thursday, April 17th. CIBC raised their price target on shares of Fortis from C$68.00 to C$69.00 and gave the stock a “neutral” rating in a research report on Thursday, April 24th. Scotiabank raised their price target on shares of Fortis from C$66.00 to C$70.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 8th. Finally, UBS Group raised their price target on shares of Fortis from C$58.00 to C$63.00 in a research report on Friday, March 21st. Two analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to MarketBeat.com, Fortis presently has a consensus rating of “Hold” and a consensus price target of C$64.25.

Fortis Stock Performance

The stock has a market capitalization of C$31.97 billion, a price-to-earnings ratio of 19.18, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23. The firm has a fifty day moving average of C$66.27 and a 200 day moving average of C$63.63. The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36.

Fortis Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Sunday, June 1st were issued a dividend of $0.615 per share. This represents a $2.46 annualized dividend and a yield of 3.81%. The ex-dividend date was Friday, May 16th. Fortis’s dividend payout ratio (DPR) 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.