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

by · The Cerbat Gem

Fortis Inc. (TSE:FTS – Get Free Report)’s share price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$68.99 and traded as high as C$71.05. Fortis shares last traded at C$70.64, with a volume of 302,487 shares.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. CIBC lifted their price objective on Fortis from C$75.00 to C$76.00 in a report on Wednesday, December 17th. Scotiabank raised their target price on shares of Fortis from C$74.00 to C$79.00 in a report on Tuesday, December 16th. Desjardins boosted their target price on shares of Fortis from C$76.00 to C$79.00 and gave the company a “buy” rating in a research report on Wednesday, October 22nd. BMO Capital Markets lifted their price objective on shares of Fortis from C$72.00 to C$74.00 in a research note on Wednesday, November 5th. Finally, Raymond James Financial raised their target price on Fortis from C$72.00 to C$75.50 and gave the company an “outperform” rating in a report on Friday, October 24th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Fortis presently has a consensus rating of “Moderate Buy” and a consensus price target of C$74.85.

Check Out Our Latest Analysis on Fortis

Fortis Stock Down 0.4%

The firm has a 50-day simple moving average of C$71.64 and a 200 day simple moving average of C$69.01. The stock has a market capitalization of C$35.70 billion, a P/E ratio of 21.02, a P/E/G ratio of 3.01 and a beta of 0.30. The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36.

Fortis (TSE:FTS – Get Free Report) last released its quarterly earnings data on Tuesday, November 4th. The company reported C$0.87 earnings per share (EPS) for the quarter. The company had revenue of C$2.94 billion during the quarter. Fortis had a return on equity of 7.48% and a net margin of 14.53%. On average, equities research analysts forecast that Fortis Inc. will post 3.3419913 EPS for the current year.

Fortis Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Monday, December 1st were paid a dividend of $0.64 per share. This is a boost from Fortis’s previous quarterly dividend of $0.62. The ex-dividend date was Monday, November 17th. This represents a $2.56 dividend on an annualized basis and a yield of 3.6%. Fortis’s dividend payout ratio (DPR) is presently 73.21%.

Fortis Company Profile

(Get Free Report)

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. states, with more than 16,000 miles of high-voltage transmission lines in operation serving a peak load in excess of 23 gigawatts.

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