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

Fortis Inc. (TSE:FTS) Director Lisa Durocher purchased 140 shares of the company’s stock in a transaction dated Thursday, July 2nd. The shares were 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 purchase, the director owned 449 shares of the company’s stock, valued at approximately C$36,678.81. This trade represents a 45.31% increase in their ownership of the stock.

Fortis Trading Down 0.4%

TSE FTS opened at C$81.88 on Friday. The company has a quick ratio of 0.36, a current ratio of 0.49 and a debt-to-equity ratio of 145.23. 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. Fortis Inc. has a 52-week low of C$63.54 and a 52-week high of C$82.67. The firm has a 50-day moving average price of C$78.28 and a 200 day moving average price of C$76.26.

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 return on equity of 7.51% and a net margin of 14.75%.The company had revenue of C$3.40 billion for the quarter. Equities research analysts expect that Fortis Inc. will post 3.3419913 EPS for the current year.

Fortis Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, June 1st were issued a $0.64 dividend. This represents a $2.56 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Friday, May 15th. Fortis’s dividend payout ratio (DPR) is currently 74.04%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Barclays dropped their price objective on Fortis from C$84.00 to C$83.00 and set an “overweight” rating on the stock in a report on Friday, May 8th. TD boosted their target price on shares of Fortis from C$83.00 to C$84.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. 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. Finally, Raymond James Financial upped their price target on shares of Fortis from C$78.50 to C$80.50 and gave the stock an “outperform” rating in a research note on Tuesday, April 28th. One 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 company’s stock. According to data from MarketBeat.com, the stock 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.