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 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 trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Raymond James Financial reduced their target price on Fortis from C$69.00 to C$62.50 and set a "market perform" rating for the company in a research note on Thursday, April 17th. Jefferies Financial Group lifted their price objective on shares of Fortis from C$67.00 to C$70.00 in a research report on Monday, April 14th. Scotiabank upped their price objective on shares of Fortis from C$66.00 to C$70.00 and gave the company a "sector perform" rating in a report on Thursday, May 8th. CIBC raised their target price on shares of Fortis from C$68.00 to C$69.00 and gave the stock a "neutral" rating in a research note on Thursday, April 24th. Finally, UBS Group lifted their target price on shares of Fortis from C$58.00 to C$63.00 in a report on Friday, March 21st. Two equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the company's stock. According to data from MarketBeat, Fortis presently has an average rating of "Hold" and an average target price of C$64.25.

Fortis Price Performance

The company's 50-day moving average is C$66.26 and its 200-day moving average is C$63.65. The firm has a market cap of C$32.15 billion, a price-to-earnings ratio of 19.29, a price-to-earnings-growth 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.

Fortis Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Sunday, June 1st were given a $0.615 dividend. This represents a $2.46 dividend on an annualized basis and a yield of 3.79%. The ex-dividend date was Friday, May 16th. Fortis's dividend payout ratio is presently 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.