Fortis (TSE:FTS) Director Lisa Durocher Acquires 140 Shares of Stock

Fortis Inc. (TSE:FTS) Director Lisa Durocher bought 140 shares of Fortis stock in a transaction on Thursday, July 2nd. The stock was purchased at an average price of C$81.69 per share, for a total transaction of C$11,436.60. Following the completion of the acquisition, the director owned 449 shares in the company, valued at C$36,678.81. This represents a 45.31% increase in their position.

Fortis Price Performance

Fortis stock opened at C$81.88 on Friday. Fortis Inc. has a 12-month low of C$63.54 and a 12-month high of C$82.67. The stock has a market capitalization of C$41.69 billion, a P/E ratio of 24.15, a P/E/G ratio of 3.01 and a beta of 0.43. The firm’s 50-day moving average is C$78.28 and its two-hundred day moving average is C$76.26. The company has a debt-to-equity ratio of 145.23, a current ratio of 0.49 and a quick ratio of 0.36.

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

Fortis Dividend Announcement

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

Analysts Set New Price Targets

FTS has been the subject of several analyst reports. Barclays cut their price target on Fortis from C$84.00 to C$83.00 and set an “overweight” rating for the company in a report on Friday, May 8th. TD raised their price objective on Fortis from C$83.00 to C$84.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Raymond James Financial lifted their price objective on Fortis from C$78.50 to C$80.50 and gave the company an “outperform” rating in a research report on Tuesday, April 28th. Finally, National Bank Financial upped their target price on Fortis from C$75.00 to C$82.00 and gave the company a “sector perform” rating in a research note on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price 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.