Fortis (TSE:FTS) Shares Cross Above 200 Day Moving Average - Should You Sell?

Fortis Inc. (TSE:FTS - Get Free Report)'s stock price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$61.91 and traded as high as C$64.84. Fortis shares last traded at C$64.64, with a volume of 1,630,535 shares trading hands.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. CIBC lifted their price target on Fortis from C$65.00 to C$68.00 in a report on Friday, April 4th. Scotiabank increased their target price on shares of Fortis from C$63.00 to C$66.00 and gave the company a "sector perform" rating in a research note on Thursday, February 13th. UBS Group boosted their price target on Fortis from C$58.00 to C$63.00 in a research note on Friday, March 21st. Raymond James raised their price objective on Fortis from C$61.00 to C$62.50 in a research report on Tuesday, February 18th. Finally, Jefferies Financial Group boosted their price objective on Fortis from C$67.00 to C$70.00 in a research report on Monday. Two research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to data from MarketBeat, Fortis currently has an average rating of "Hold" and a consensus price target of C$63.05.

Fortis Stock Performance

The stock has a market cap of C$32.79 billion, a price-to-earnings ratio of 19.67, a P/E/G ratio of 3.01 and a beta of 0.23. The company has a current ratio of 0.74, a quick ratio of 0.36 and a debt-to-equity ratio of 142.31. The firm has a fifty day simple moving average of C$63.90 and a 200-day simple moving average of C$61.99.

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Fortis Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 16th will be given a $0.615 dividend. This represents a $2.46 dividend on an annualized basis and a yield of 3.71%. Fortis's payout ratio is 73.02%.

Fortis Company Profile

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.