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

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

Fortis Price Performance

Shares of Fortis stock traded down C$0.40 during trading on Friday, reaching C$81.79. 146,238 shares of the stock traded hands, compared to its average volume of 1,686,979. Fortis Inc. has a 52-week low of C$63.54 and a 52-week high of C$82.67. The company has a debt-to-equity ratio of 145.23, a current ratio of 0.49 and a quick ratio of 0.36. The business has a fifty day simple moving average of C$78.16 and a two-hundred day simple moving average of C$76.22. The company has a market capitalization of C$41.64 billion, a price-to-earnings ratio of 24.13, a P/E/G ratio of 3.01 and a beta of 0.43.

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

Fortis Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders 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 3.1%. Fortis’s dividend payout ratio (DPR) is 74.04%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. National Bank Financial boosted their target price on shares of Fortis from C$75.00 to C$82.00 and gave the stock a “sector perform” rating in a report on Monday, June 1st. Barclays lowered their price target on shares of Fortis from C$84.00 to C$83.00 and set an “overweight” rating for the company in a report on Friday, May 8th. Raymond James Financial boosted their price objective on Fortis from C$78.50 to C$80.50 and gave the stock an “outperform” rating in a research note on Tuesday, April 28th. Finally, TD upped their price objective on Fortis from C$83.00 to C$84.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of C$79.32.

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.