Fortis (TSE:FTS) Director Pierre Blouin Buys 141 Shares

Fortis Inc. (TSE:FTS) Director Pierre Blouin bought 141 shares of Fortis stock in a transaction dated Thursday, July 2nd. The shares were bought at an average cost of C$81.69 per share, for a total transaction of C$11,518.29. Following the completion of the transaction, the director owned 1,998 shares of the company’s stock, valued at approximately C$163,216.62. This trade represents a 7.59% increase in their position.

Fortis Stock Performance

Fortis stock opened at C$81.88 on Friday. The company has a debt-to-equity ratio of 145.23, a quick ratio of 0.36 and a current ratio of 0.49. The company has a market capitalization of C$41.69 billion, a PE ratio of 24.15, a P/E/G ratio of 3.01 and a beta of 0.43. The company has a 50 day moving average price of C$78.28 and a 200-day moving average price of C$76.26. Fortis Inc. has a fifty-two week low of C$63.54 and a fifty-two week high of C$82.67.

Fortis (TSE:FTS) last announced its quarterly earnings data 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 return on equity of 7.51% and a net margin of 14.75%. As a group, equities analysts forecast that Fortis Inc. will post 3.3419913 earnings per share for the current year.

Fortis Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, June 1st were issued a $0.64 dividend. This represents a $2.56 annualized dividend and a dividend yield of 3.1%. The ex-dividend date was Friday, May 15th. Fortis’s dividend payout ratio is currently 74.04%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Barclays cut their price target on Fortis from C$84.00 to C$83.00 and set an “overweight” rating on the stock in a research note on Friday, May 8th. TD upped their price objective on shares of Fortis from C$83.00 to C$84.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. National Bank Financial increased 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. Finally, Raymond James Financial raised their target price on shares of Fortis from C$78.50 to C$80.50 and gave the company an “outperform” rating in a research report on Tuesday, April 28th. One investment 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 MarketBeat, the stock presently has an average 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.