Tracey Colleen Ball Purchases 185 Shares of Fortis (TSE:FTS) Stock

Key Points

• Director Tracey Colleen Ball purchased 185 shares of Fortis Inc. at an average price of C$69.51, increasing her ownership by 12.01% to a total of 1,725 shares.
• Fortis recently announced a quarterly dividend of $0.615, with a dividend yield of 3.5%, and a payout ratio of 71.62%.
• Several analysts have upgraded Fortis, with TD Securities raising its target price from C$74.00 to C$77.00 and a consensus rating of "Moderate Buy" across the board.

Fortis Inc. (TSE:FTS - Get Free Report) Director Tracey Colleen Ball bought 185 shares of the company's stock in a transaction on Wednesday, October 1st. The shares were acquired at an average price of C$69.51 per share, with a total value of C$12,859.35. Following the transaction, the director directly owned 1,725 shares of the company's stock, valued at approximately C$119,904.75. This trade represents a 12.01% increase in their ownership of the stock.

Fortis Trading Up 0.5%

Fortis stock traded up C$0.36 during mid-day trading on Friday, hitting C$70.55. The company's stock had a trading volume of 274,103 shares, compared to its average volume of 1,585,135. Fortis Inc. has a one year low of C$57.98 and a one year high of C$71.02. The stock 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 50 day moving average of C$68.80 and a 200-day moving average of C$66.64. The company has a debt-to-equity ratio of 142.31, a quick ratio of 0.36 and a current ratio of 0.74.

Fortis Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Monday, September 1st were given a $0.615 dividend. This represents a $2.46 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Tuesday, August 19th. Fortis's dividend payout ratio is presently 71.62%.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Cibc World Mkts upgraded Fortis from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 21st. TD Securities lifted their target price on shares of Fortis from C$74.00 to C$77.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. Jefferies Financial Group lifted their price objective on shares of Fortis from C$70.00 to C$72.00 in a report on Monday, September 15th. Desjardins upgraded Fortis from a "hold" rating to a "moderate buy" rating and raised their target price for the company from C$71.00 to C$76.00 in a research report on Tuesday, August 5th. Finally, Raymond James Financial upped their price target on Fortis from C$69.00 to C$72.00 and gave the stock an "outperform" rating in a report 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 issued 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 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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