Insider Buying: Fortis Inc (FTS) Director Purchases 2,200 Shares of Stock

Fortis Inc (TSE:FTS) Director Julie Dobson purchased 2,200 shares of the stock in a transaction on Thursday, December 6th. The stock was bought at an average cost of C$33.02 per share, for a total transaction of C$72,644.00.

Shares of FTS traded up C$0.17 during mid-day trading on Thursday, hitting C$47.02. 774,101 shares of the company’s stock were exchanged, compared to its average volume of 1,039,449. Fortis Inc has a 52 week low of C$39.38 and a 52 week high of C$47.59. The company has a quick ratio of 0.33, a current ratio of 0.59 and a debt-to-equity ratio of 130.09.

Fortis (TSE:FTS) last announced its earnings results on Friday, November 2nd. The company reported C$0.65 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of C$0.65. The business had revenue of C$2.04 billion for the quarter, compared to the consensus estimate of C$2.14 billion. As a group, research analysts anticipate that Fortis Inc will post 2.66114420622066 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Friday, February 15th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, February 14th. This represents a $1.80 annualized dividend and a dividend yield of 3.83%. Fortis’s dividend payout ratio is 74.04%.

Several brokerages have recently commented on FTS. CIBC raised their target price on shares of Fortis from C$46.00 to C$47.00 in a report on Monday, November 5th. National Bank Financial raised their target price on shares of Fortis from C$44.00 to C$45.00 and gave the stock a “sector perform” rating in a report on Tuesday, October 16th. Raymond James reaffirmed an “outperform” rating and set a C$50.00 target price on shares of Fortis in a report on Monday, November 5th. BMO Capital Markets lowered their target price on shares of Fortis from C$49.00 to C$48.00 in a report on Tuesday, September 11th. Finally, Industrial Alliance Securities lowered their target price on shares of Fortis from C$51.00 to C$48.00 in a report on Tuesday, October 9th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of C$48.56.

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Fortis Company Profile

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 422,000 retail customers in southeastern Arizona; and 96,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 2,834 megawatts (MW), including 64 MW of solar capacity.

Further Reading: Depreciation

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