Fortis Inc. (TSE:FTS) Director Acquires C$11,622.81 in Stock

by · The Markets Daily

Fortis Inc. (TSE:FTS – Get Free Report) Director Pierre J. Blouin purchased 190 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were purchased at an average cost of C$61.17 per share, with a total value of C$11,622.81. Following the completion of the purchase, the director now owns 835 shares in the company, valued at C$51,079.20. This trade represents a 0.00 % increase in their position.

Fortis Price Performance

The company has a debt-to-equity ratio of 128.59, a quick ratio of 0.36 and a current ratio of 0.69. The stock has a market capitalization of C$29.88 billion, a price-to-earnings ratio of 19.08, a P/E/G ratio of 2.80 and a beta of 0.23. The business’s fifty day moving average is C$59.89 and its two-hundred day moving average is C$56.04. Fortis Inc. has a twelve month low of C$51.02 and a twelve month high of C$62.29.

Fortis (TSE:FTS – Get Free Report) last issued its quarterly earnings data on Wednesday, July 31st. The company reported C$0.67 earnings per share for the quarter, topping analysts’ consensus estimates of C$0.65 by C$0.02. Fortis had a return on equity of 7.44% and a net margin of 14.35%. The firm had revenue of C$2.67 billion during the quarter, compared to analysts’ expectations of C$2.71 billion. Equities analysts expect that Fortis Inc. will post 3.29329 earnings per share for the current year.

Fortis Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Monday, November 18th will be given a $0.83 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $3.32 dividend on an annualized basis and a dividend yield of ∞. This is an increase from Fortis’s previous quarterly dividend of $0.59. Fortis’s payout ratio is presently 77.12%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FTS. Royal Bank of Canada upped their target price on Fortis from C$62.00 to C$65.00 and gave the company a “sector perform” rating in a research note on Thursday. Raymond James lifted their target price on Fortis from C$59.00 to C$61.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Scotiabank upped their price target on shares of Fortis from C$56.00 to C$63.00 and gave the stock a “sector perform” rating in a report on Tuesday, August 20th. Bank of America set a C$60.00 price target on shares of Fortis and gave the stock an “underperform” rating in a research note on Friday, September 20th. Finally, National Bankshares upped their target price on shares of Fortis from C$56.00 to C$62.00 and gave the stock a “sector perform” rating in a research note on Friday, August 23rd. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, Fortis currently has a consensus rating of “Hold” and a consensus price target of C$60.40.

Read Our Latest Stock Analysis on Fortis

Fortis Company Profile

(Get Free Report)

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona’s Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.

Featured Stories