Fortis (TSE:FTS) Shares Pass Above 200 Day Moving Average - Should You Sell?

Fortis Inc. (TSE:FTS - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$63.42 and traded as high as C$67.03. Fortis shares last traded at C$66.43, with a volume of 1,322,133 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Royal Bank of Canada increased their price target on Fortis from C$69.00 to C$72.00 and gave the company a "sector perform" rating in a research note on Thursday, May 8th. Raymond James dropped their price target 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. UBS Group increased their price target on Fortis from C$58.00 to C$63.00 in a research note on Friday, March 21st. Scotiabank increased their price target on Fortis from C$66.00 to C$70.00 and gave the company a "sector perform" rating in a research note on Thursday, May 8th. Finally, Jefferies Financial Group increased their price target on Fortis from C$67.00 to C$70.00 in a research note on Monday, April 14th. Two equities research analysts have rated the stock with a sell rating and six have given a hold rating to the company's stock. According to MarketBeat, Fortis has an average rating of "Hold" and an average target price of C$64.25.

Fortis Price Performance

The firm has a market capitalization of C$32.49 billion, a P/E ratio of 19.49, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23. The firm has a 50 day moving average price of C$66.17 and a 200-day moving average price of C$63.44. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Sunday, June 1st were paid a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date was Friday, May 16th. Fortis's dividend 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.