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

by · The Markets Daily

Fortis Inc. (TSE:FTS – Get Free Report) Director Lisa Durocher purchased 140 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was bought at an average price of C$81.69 per share, with a total value 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 Stock Down 0.5%

TSE:FTS traded down C$0.40 during mid-day trading on Friday, hitting C$81.79. The company had a trading volume of 146,238 shares, compared to its average volume of 1,686,979. The business has a fifty day simple moving average of C$78.16 and a 200-day simple moving average of C$76.22. The firm has a market capitalization of C$41.64 billion, a price-to-earnings ratio of 24.13, a PEG ratio of 3.01 and a beta of 0.43. Fortis Inc. has a 1 year low of C$63.54 and a 1 year high of C$82.67. The company has a current ratio of 0.49, a quick ratio of 0.36 and a debt-to-equity ratio of 145.23.

Fortis (TSE:FTS – Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported C$0.99 earnings per share for the quarter. Fortis had a return on equity of 7.51% and a net margin of 14.75%.The company had revenue of C$3.40 billion during the quarter. 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. Shareholders of record on Monday, June 1st were given a $0.64 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $2.56 annualized dividend and a yield of 3.1%. Fortis’s dividend payout ratio (DPR) is 74.04%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on FTS. National Bank Financial boosted 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 research report on Monday, June 1st. 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. Raymond James Financial boosted their price objective on shares of Fortis from C$78.50 to C$80.50 and gave the stock an “outperform” rating in a report on Tuesday, April 28th. Finally, TD upped their price objective on shares of Fortis from C$83.00 to C$84.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of C$79.32.

View Our Latest Research Report on Fortis

Fortis Company Profile

(Get Free Report)

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.

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