Fortis (TSE:FTS) Stock Passes Above 200 Day Moving Average - Time to Sell?

Fortis Inc. (TSE:FTS - Get Free Report) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$58.86 and traded as high as C$60.50. Fortis shares last traded at C$60.35, with a volume of 672,544 shares traded.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. UBS Group raised shares of Fortis to a "strong sell" rating in a research report on Tuesday, September 10th. BMO Capital Markets upped their price target on shares of Fortis from C$59.00 to C$61.00 in a report on Thursday, September 5th. Bank of America set a C$60.00 price target on shares of Fortis and gave the stock an "underperform" rating in a research report on Friday, September 20th. Royal Bank of Canada boosted their price objective on shares of Fortis from C$62.00 to C$65.00 and gave the company a "sector perform" rating in a research report on Thursday, October 3rd. Finally, Raymond James downgraded Fortis from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 6th. Three analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of C$60.33.

Fortis Price Performance

The business has a 50-day moving average of C$61.36 and a two-hundred day moving average of C$58.86. The company has a current ratio of 0.69, a quick ratio of 0.36 and a debt-to-equity ratio of 128.59. The firm has a market cap of C$29.89 billion, a P/E ratio of 18.92, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23.

Fortis Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Sunday, December 1st were issued a dividend of $0.83 per share. This is a boost from Fortis's previous quarterly dividend of $0.59. This represents a $3.32 annualized dividend and a dividend yield of 5.50%. The ex-dividend date of this dividend was Monday, November 18th. Fortis's payout ratio is 77.12%.

Insider Activity

In other Fortis news, Director Gary Joseph Smith sold 21,716 shares of the company's stock in a transaction dated Friday, November 8th. The stock was sold at an average price of C$61.45, for a total value of C$1,334,543.75. Also, Senior Officer Keri Linda Glitch acquired 450 shares of the stock in a transaction dated Friday, November 8th. The shares were bought at an average price of C$61.41 per share, with a total value of C$27,634.59. Following the completion of the transaction, the insider now directly owns 450 shares of the company's stock, valued at C$27,634.59. The trade was a ∞ increase in their ownership of the stock. 0.04% of the stock is currently owned by insiders.

Fortis Company Profile

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.