Fortis (TSE:FTS) Director Pierre Blouin Acquires 166 Shares

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

Fortis Trading Down 0.1%

Shares of Fortis stock opened at C$70.14 on Friday. Fortis Inc. has a 12-month low of C$57.98 and a 12-month high of C$71.02. The company has a current ratio of 0.74, a quick ratio of 0.36 and a debt-to-equity ratio of 142.31. The stock 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 50-day moving average of C$68.86 and a two-hundred day moving average of C$66.68.

Fortis Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders 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 dividend payout ratio (DPR) is 71.62%.

Wall Street Analysts Forecast Growth

FTS has been the subject of a number of research analyst reports. TD Securities increased 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. Desjardins raised shares of Fortis from a “hold” rating to a “moderate buy” rating and raised their price objective for the stock from C$71.00 to C$76.00 in a research note on Tuesday, August 5th. National Bankshares raised their price objective on shares of Fortis from C$65.00 to C$67.00 and gave the stock a “sector perform” rating in a research note on Tuesday, August 5th. Raymond James Financial raised their price objective on shares of Fortis from C$69.00 to C$72.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 5th. Finally, Jefferies Financial Group raised their price objective on shares of Fortis from C$70.00 to C$72.00 in a research note on Monday, September 15th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company 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.