Fortis (TSE:FTS) Director Acquires C$24,463.05 in Stock

Fortis Inc. (TSE:FTS) Director Julie Dobson bought 355 shares of the business’s stock in a transaction dated Wednesday, October 1st. The shares were acquired at an average cost of C$68.91 per share, with a total value of C$24,463.05. Following the completion of the purchase, the director owned 1,476 shares in the company, valued at approximately C$101,711.16. This represents a 31.67% increase in their position.

Fortis Stock Down 0.1%

Fortis stock opened at C$70.14 on Friday. The stock’s 50 day moving average price is C$68.86 and its 200 day moving average price is C$66.69. Fortis Inc. has a 1-year low of C$57.98 and a 1-year high of C$71.02. The company 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 has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36.

Fortis Announces Dividend

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

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Desjardins upgraded shares of Fortis from a “hold” rating to a “moderate buy” rating and raised their price objective for the company 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 report on Monday, July 21st. Raymond James Financial boosted their price target on Fortis from C$69.00 to C$72.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 5th. TD Securities raised their price objective on Fortis from C$74.00 to C$77.00 and gave the company a “buy” rating in a research note on Tuesday, August 5th. Finally, National Bankshares boosted their target price on Fortis from C$65.00 to C$67.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of C$70.89.

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.