James Reid Sells 24,700 Shares of Fortis (TSE:FTS) Stock

Fortis Inc. (TSE:FTS) insider James Reid sold 24,700 shares of Fortis stock in a transaction dated Monday, June 15th. The shares were sold at an average price of C$79.21, for a total transaction of C$1,956,487.00. Following the transaction, the insider directly owned 31,283 shares of the company’s stock, valued at approximately C$2,477,926.43. This trade represents a 44.12% decrease in their ownership of the stock.

James Reid also recently made the following trade(s):

• On Monday, June 15th, James Reid sold 421 shares of Fortis stock. The stock was sold at an average price of C$79.05, for a total value of C$33,280.05.

Fortis Stock Down 0.1%

Shares of TSE FTS traded down C$0.11 during trading on Tuesday, reaching C$80.11. The company had a trading volume of 737,051 shares, compared to its average volume of 1,732,163. Fortis Inc. has a 12-month low of C$63.54 and a 12-month high of C$81.10. The stock has a market cap of C$40.79 billion, a PE ratio of 23.63, a P/E/G ratio of 3.01 and a beta of 0.43. The business’s 50-day moving average is C$77.56 and its 200 day moving average is C$75.35. The company has a quick ratio of 0.36, a current ratio of 0.49 and a debt-to-equity ratio of 145.23.

Fortis (TSE:FTS) last announced its quarterly earnings data on Wednesday, May 6th. The company reported C$0.99 earnings per share for the quarter. Fortis had a net margin of 14.75% and a return on equity of 7.51%. The company had revenue of C$3.40 billion during the quarter. As a group, equities analysts forecast that Fortis Inc. will post 3.3419913 earnings per share for the current fiscal year.

Fortis Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FTS. Raymond James Financial raised their price target on shares of Fortis from C$78.50 to C$80.50 and gave the company an “outperform” rating in a report on Tuesday, April 28th. Barclays dropped their price target on shares of 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 increased their target price on shares of Fortis from C$83.00 to C$84.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.