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

Key Points

• Fortis Inc. shares recently crossed above their 200-day moving average, currently trading at C$69.48, with a notable trading volume of 2,046,428 shares.
• Multiple analysts have upgraded Fortis' rating, with Scotiabank raising its target price to C$70.00 and TD Securities to C$77.00, while the average target price stands at C$68.82.
• The company announced a quarterly dividend of $0.615 per share, yielding approximately 3.5%, which will be paid out on September 1st.

Fortis Inc. (TSE:FTS - Get Free Report) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$65.18 and traded as high as C$69.89. Fortis shares last traded at C$69.48, with a volume of 2,046,428 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on FTS shares. Scotiabank increased their target price on Fortis from C$66.00 to C$70.00 and gave the stock a "sector perform" rating in a research note on Thursday, May 8th. TD Securities increased their target price on Fortis from C$74.00 to C$77.00 and gave the company a "buy" rating in a 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. CIBC raised their price objective on Fortis from C$68.00 to C$69.00 and gave the stock a "neutral" rating in a report on Thursday, April 24th. Finally, Desjardins raised Fortis from a "hold" rating to a "moderate buy" rating and increased their target price for the stock from C$71.00 to C$76.00 in a research report on Tuesday, August 5th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of C$68.82.

Fortis Stock Down 0.2%

The firm has a 50-day simple moving average of C$65.93 and a 200 day simple moving average of C$65.18. 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 company has a market capitalization of C$34.37 billion, a PE ratio of 20.62, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23.

Fortis Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Monday, September 1st will be given a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Tuesday, August 19th. Fortis's 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.

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