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

Fortis Inc. (TSE:FTS) insider James Reid sold 24,700 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of C$79.21, for a total value of C$1,956,487.00. Following the sale, the insider directly owned 31,283 shares in the company, valued at 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 Price Performance

Shares of FTS traded down C$0.11 during mid-day trading on Tuesday, hitting C$80.11. 737,051 shares of the stock were exchanged, compared to its average volume of 1,732,163. The company has a market cap of C$40.79 billion, a PE ratio of 23.63, a price-to-earnings-growth ratio of 3.01 and a beta of 0.43. Fortis Inc. has a 52-week low of C$63.54 and a 52-week high of C$81.10. The firm has a 50-day moving average of C$77.56 and a two-hundred day moving average of C$75.35. 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 (TSE:FTS) last released its quarterly 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 return on equity of 7.51% and a net margin of 14.75%. On average, equities analysts predict that Fortis Inc. will post 3.3419913 earnings per share for the current year.

Fortis Announces Dividend

The business also recently declared 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 annualized dividend and a yield of 3.2%. Fortis’s dividend payout ratio (DPR) is currently 74.04%.

Analyst Upgrades and Downgrades

Several research firms recently commented on FTS. National Bank Financial lifted their price target on Fortis from C$75.00 to C$82.00 and gave the stock a “sector perform” rating in a research report on Monday, June 1st. TD increased their target price on shares of Fortis from C$83.00 to C$84.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Raymond James Financial increased 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 note on Tuesday, April 28th. Finally, Barclays reduced their target price 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. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.