Fortis (TSE:FTS) Director Acquires C$11,538.66 in Stock

Fortis Inc. (TSE:FTS) Director Pierre Blouin bought 166 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The shares were purchased at an average price of C$69.51 per share, for a total transaction of C$11,538.66. Following the transaction, the director owned 1,547 shares of the company’s stock, valued at C$107,531.97. The trade was a 12.02% increase in their position.

Fortis Stock Down 0.1%

Shares of FTS opened at C$70.14 on Friday. The firm has a market cap of C$35.32 billion, a PE ratio of 20.63, a price-to-earnings-growth ratio of 3.01 and a beta of 0.38. The company’s fifty day moving average is C$68.86 and its two-hundred day moving average is C$66.68. Fortis Inc. has a fifty-two week low of C$57.98 and a fifty-two week high of C$71.02. The company has a quick ratio of 0.36, a current ratio of 0.74 and a debt-to-equity ratio of 142.31.

Fortis Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Monday, September 1st were issued a $0.615 dividend. This represents a $2.46 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Tuesday, August 19th. Fortis’s dividend payout ratio (DPR) is 71.62%.

Wall Street Analyst Weigh In

FTS has been the topic of a number of research reports. Jefferies Financial Group raised their target price on shares of Fortis from C$70.00 to C$72.00 in a research note on Monday, September 15th. TD Securities lifted their price target on shares of Fortis from C$74.00 to C$77.00 and gave the stock a “buy” rating in a research note on Tuesday, August 5th. Desjardins raised shares of Fortis from a “hold” rating to a “moderate buy” rating and lifted their price target for the stock from C$71.00 to C$76.00 in a research note on Tuesday, August 5th. Cibc World Mkts raised shares of Fortis from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 21st. Finally, Raymond James Financial upped their target price on shares of Fortis from C$69.00 to C$72.00 and gave the company an “outperform” rating in a research note on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of C$70.89.

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.