Fortis (TSE:FTS) Shares Pass Above Two Hundred Day Moving Average - Time to Sell?

Key Points

• Fortis Inc. shares have surpassed their 200-day moving average, trading as high as C$68.10, with its latest price at C$68.07.
• Several analysts have upgraded Fortis, with Cibc World Mkts raising the rating to "strong-buy" and TD Securities increasing the price target to C$77.00.
• Fortis recently declared a quarterly dividend of $0.615 per share, representing an annualized yield of 3.6% with a payout ratio of 71.62%.

Fortis Inc. (TSE:FTS - Get Free Report) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$66.14 and traded as high as C$68.10. Fortis shares last traded at C$68.07, with a volume of 906,809 shares.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on FTS. Cibc World Mkts raised Fortis from a "hold" rating to a "strong-buy" rating in a report on Monday, July 21st. National Bankshares boosted their price target 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. TD Securities boosted their price target on Fortis from C$74.00 to C$77.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. Desjardins raised Fortis from a "hold" rating to a "moderate buy" rating and lifted their price objective for the company from C$71.00 to C$76.00 in a research report on Tuesday, August 5th. Finally, Raymond James Financial lifted their price objective on Fortis from C$69.00 to C$72.00 and gave the company an "outperform" rating in a research report on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of C$69.60.

Fortis Stock Performance

The firm has a market cap of C$34.28 billion, a PE ratio of 20.02, a P/E/G ratio of 3.01 and a beta of 0.38. The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36. The stock has a 50-day moving average price of C$67.68 and a 200 day moving average price of C$66.14.

Fortis Announces Dividend

The company 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. This represents a $2.46 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend was Tuesday, August 19th. Fortis's payout ratio is 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.

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