Fortis (TSE:FTS) Director Buys 166 Shares

Key Points

• Pierre Blouin, a director at Fortis Inc., purchased 166 shares of the company stock at an average price of C$69.51, increasing his ownership by 12.02% to a total of 1,547 shares.
• Fortis recently declared a quarterly dividend of $0.615, resulting in an annualized dividend of $2.46, which reflects a yield of 3.5%.
• Several analysts have upgraded Fortis's stock ratings, with target prices ranging from C$67.00 to C$76.00, indicating a consensus rating of "Moderate Buy" with an average target price of C$70.89.

Fortis Inc. (TSE:FTS - Get Free Report) Director Pierre Blouin bought 166 shares of the company's stock in a transaction that occurred on Wednesday, October 1st. The stock was purchased at an average cost of C$69.51 per share, with a total value of C$11,538.66. Following the acquisition, the director directly owned 1,547 shares in the company, valued at C$107,531.97. This trade represents a 12.02% increase in their position.

Fortis Price Performance

TSE:FTS traded up C$0.36 on Friday, reaching C$70.55. 274,103 shares of the company's stock traded hands, compared to its average volume of 1,585,135. The stock has a 50-day simple moving average of C$68.80 and a 200-day simple moving average of C$66.64. Fortis Inc. has a 12 month low of C$57.98 and a 12 month high of C$71.02. The firm has a market cap of C$35.53 billion, a PE ratio of 20.75, a P/E/G ratio of 3.01 and a beta of 0.38. 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 firm also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Monday, September 1st were issued a $0.615 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $2.46 dividend on an annualized basis and a yield of 3.5%. Fortis's payout ratio is currently 71.62%.

Analysts Set New Price Targets

Several research firms have weighed in on FTS. Cibc World Mkts upgraded Fortis from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 21st. Desjardins upgraded shares of Fortis from a "hold" rating to a "moderate buy" rating and boosted their price target for the stock from C$71.00 to C$76.00 in a research note on Tuesday, August 5th. Raymond James Financial raised their price objective on Fortis from C$69.00 to C$72.00 and gave the company an "outperform" rating in a research report on Tuesday, August 5th. National Bankshares lifted their target price on Fortis from C$65.00 to C$67.00 and gave the stock a "sector perform" rating in a report on Tuesday, August 5th. Finally, Jefferies Financial Group increased their price target on Fortis from C$70.00 to C$72.00 in a research note on Monday, September 15th. One 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. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price 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.

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