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

Key Points

• Fortis Inc. shares have surpassed their 200-day moving average of C$65.91, trading as high as C$68.46, indicating positive momentum in the stock.
• Recent analyst reports have resulted in price target increases, with TD Securities raising their target to C$77.00 and multiple firms upgrading their ratings to "strong-buy" and "outperform."
• The company announced a quarterly dividend of $0.615, with an annualized dividend yield of 3.6%, and a dividend payout ratio of 71.62%.

Fortis Inc. (TSE:FTS - Get Free Report)'s share price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$65.91 and traded as high as C$68.46. Fortis shares last traded at C$68.17, with a volume of 1,382,151 shares.

Analyst Ratings Changes

Several equities analysts recently commented on the company. TD Securities boosted their target price on Fortis from C$74.00 to C$77.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Cibc World Mkts upgraded Fortis from a "hold" rating to a "strong-buy" rating in a report on Monday, July 21st. Desjardins upgraded Fortis from a "hold" rating to a "moderate buy" rating and upped their price objective for the stock from C$71.00 to C$76.00 in a report on Tuesday, August 5th. Raymond James Financial upped their price objective on Fortis from C$69.00 to C$72.00 and gave the stock an "outperform" rating in a report on Tuesday, August 5th. Finally, National Bankshares upped their price objective on Fortis from C$65.00 to C$67.00 and gave the stock a "sector perform" rating in a report on Tuesday, August 5th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Fortis presently has an average rating of "Hold" and an average price target of C$69.60.

Fortis Price Performance

The business has a 50-day simple moving average of C$67.47 and a 200 day simple moving average of C$66.07. The firm has a market cap of C$34.05 billion, a P/E ratio of 19.89, a price-to-earnings-growth ratio of 3.01 and a beta of 0.38. The company has a debt-to-equity ratio of 142.31, a quick ratio of 0.36 and a current ratio of 0.74.

Fortis Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Monday, September 1st were given a dividend of $0.615 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $2.46 dividend on an annualized basis and a yield of 3.6%. Fortis's dividend payout ratio is presently 71.62%.

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.