Fortis (TSE:FTS) Director Julie Dobson Buys 291 Shares of Stock

Fortis Inc. (TSE:FTS) Director Julie Dobson acquired 291 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was purchased at an average price of C$78.88 per share, for a total transaction of C$22,954.08. Following the completion of the transaction, the director owned 2,404 shares in the company, valued at C$189,627.52. The trade was a 13.77% increase in their ownership of the stock.

Fortis Stock Performance

Shares of FTS opened at C$81.88 on Friday. The stock has a market capitalization of C$41.69 billion, a P/E ratio of 24.15, a P/E/G ratio of 3.01 and a beta of 0.43. The company has a debt-to-equity ratio of 145.23, a quick ratio of 0.36 and a current ratio of 0.49. Fortis Inc. has a 1 year low of C$63.54 and a 1 year high of C$82.67. The company’s fifty day moving average is C$78.28 and its two-hundred day moving average is C$76.26.

Fortis (TSE:FTS) last released its earnings results on Wednesday, May 6th. The company reported C$0.99 EPS for the quarter. The company had revenue of C$3.40 billion during the quarter. Fortis had a net margin of 14.75% and a return on equity of 7.51%. On average, sell-side analysts predict that Fortis Inc. will post 3.3419913 earnings per share for the current year.

Fortis Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, June 1st were given a $0.64 dividend. The ex-dividend date was Friday, May 15th. This represents a $2.56 dividend on an annualized basis and a yield of 3.1%. Fortis’s dividend payout ratio (DPR) is presently 74.04%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Barclays dropped their target price on Fortis from C$84.00 to C$83.00 and set an “overweight” rating on the stock in a research report on Friday, May 8th. TD raised their price target on Fortis from C$83.00 to C$84.00 and gave the company a “buy” rating in a report on Thursday, May 7th. National Bank Financial lifted their price target on 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, 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. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of C$79.32.

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