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

Fortis Inc. (TSE:FTS) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-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 trading hands.

Analyst Ratings Changes

A number of research analysts recently commented on FTS shares. Scotiabank boosted their price target 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 price target on shares of Fortis from C$64.00 to C$65.00 in a research note on Tuesday, February 18th. Royal Bank of Canada increased their price objective on shares of Fortis from C$65.00 to C$69.00 in a research report on Tuesday, February 18th. Jefferies Financial Group set a C$67.00 target price on shares of Fortis and gave the stock a “hold” rating in a report on Thursday, February 13th. Finally, Raymond James upped their target price on shares of Fortis from C$61.00 to C$62.50 in a research report on Tuesday, February 18th. Two research analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of C$62.45.

Fortis Trading Up 0.1 %

The company’s 50 day simple moving average is C$62.22 and its 200-day simple moving average is C$61.35. The firm has a market cap of C$32.00 billion, a P/E ratio of 19.20, a P/E/G ratio of 3.01 and a beta of 0.23. The company has a quick ratio of 0.36, a current ratio of 0.74 and a debt-to-equity ratio of 142.31.

Fortis Dividend Announcement

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