Fortis (TSE:FTS) Stock Crosses Above 200-Day Moving Average – Should You Sell?

Fortis Inc. (TSE:FTS)’s share price crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of C$77.75 and traded as high as C$81.22. Fortis shares last traded at C$79.80, with a volume of 1,370,060 shares.

Analysts Set New Price Targets

FTS has been the topic of a number of analyst reports. TD lifted their price objective on Fortis from C$83.00 to C$84.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Raymond James Financial upped their price objective on Fortis from C$78.50 to C$80.50 and gave the stock an “outperform” rating in a report on Tuesday, April 28th. Barclays reduced their target price on Fortis from C$84.00 to C$83.00 and set an “overweight” rating for the company in a report on Friday, May 8th. National Bank Financial raised their price objective on shares of Fortis from C$75.00 to C$82.00 and gave the company a “sector perform” rating in a research note on Monday, June 1st. Finally, Desjardins increased their target price on shares of Fortis from C$81.00 to C$85.00 and gave the company a “buy” rating in a report on Monday, July 20th. Five equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of C$79.68.

Fortis Trading Down 0.9%

The firm has a market cap of C$40.63 billion, a price-to-earnings ratio of 23.54, a price-to-earnings-growth ratio of 3.01 and a beta of 0.41. The business has a 50 day moving average of C$80.13 and a 200 day moving average of C$77.75. The company has a quick ratio of 0.36, a current ratio of 0.56 and a debt-to-equity ratio of 14.94.

Fortis (TSE:FTS) last released its quarterly earnings results on Wednesday, May 6th. The company reported C$0.99 earnings per share (EPS) for the quarter. The company had revenue of C$3.40 billion for the quarter. Fortis had a net margin of 14.72% and a return on equity of 7.43%. On average, research analysts forecast that Fortis Inc. will post 3.3419913 earnings per share for the current fiscal year.

Fortis Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, June 1st were given a dividend of $0.64 per share. The ex-dividend date was Friday, May 15th. This represents a $2.56 annualized dividend and a yield of 3.2%. Fortis’s dividend payout ratio is 74.04%.

Insider Transactions at Fortis

In other Fortis news, insider James Reid sold 421 shares of Fortis stock in a transaction dated Monday, June 15th. The stock was sold at an average price of C$79.05, for a total value of C$33,280.05. Following the completion of the sale, the insider owned 31,283 shares in the company, valued at C$2,472,921.15. The trade was a 1.33% decrease in their position. Over the last quarter, insiders bought 572 shares of company stock valued at $45,909. 0.04% of the stock is currently owned by company insiders.

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