Fortis (TSE:FTS) Director Acquires 140 Shares

Fortis Inc. (TSE:FTS) Director Lisa Durocher purchased 140 shares of the firm’s stock in a transaction dated Thursday, July 2nd. The shares were bought at an average cost of C$81.69 per share, with a total value of C$11,436.60. Following the transaction, the director directly owned 449 shares of the company’s stock, valued at approximately C$36,678.81. This represents a 45.31% increase in their position.

Fortis Stock Performance

Shares of TSE:FTS traded down C$0.40 on Friday, reaching C$81.79. 146,238 shares of the company’s stock were exchanged, compared to its average volume of 1,686,979. The business’s 50-day moving average is C$78.16 and its two-hundred day moving average is C$76.22. The company has a quick ratio of 0.36, a current ratio of 0.49 and a debt-to-equity ratio of 145.23. Fortis Inc. has a fifty-two week low of C$63.54 and a fifty-two week high of C$82.67. 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 (TSE:FTS) 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 firm had revenue of C$3.40 billion for the quarter. As a group, equities research analysts forecast that Fortis Inc. will post 3.3419913 EPS for the current year.

Fortis Dividend Announcement

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 dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Friday, May 15th. Fortis’s payout ratio is 74.04%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on FTS. National Bank Financial raised their target price on Fortis from C$75.00 to C$82.00 and gave the company a “sector perform” rating in a research report on Monday, June 1st. Raymond James Financial raised their price target on Fortis from C$78.50 to C$80.50 and gave the company an “outperform” rating in a report on Tuesday, April 28th. Barclays cut their price objective 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. Finally, 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 report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average 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.