Julie Dobson Purchases 355 Shares of Fortis (TSE:FTS) Stock

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

Fortis Price Performance

Fortis stock opened at C$70.14 on Friday. The company has a quick ratio of 0.36, a current ratio of 0.74 and a debt-to-equity ratio of 142.31. The business has a 50-day simple moving average of C$68.86 and a 200 day simple moving average of C$66.68. Fortis Inc. has a 52 week low of C$57.98 and a 52 week high of C$71.02. The stock has a market cap of C$35.32 billion, a price-to-earnings ratio of 20.63, a PEG ratio of 3.01 and a beta of 0.38.

Fortis Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 1st. Shareholders 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 annualized dividend and a yield of 3.5%. Fortis’s payout ratio is 71.62%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. National Bankshares boosted their target price on Fortis from C$65.00 to C$67.00 and gave the company a “sector perform” rating in a research note on Tuesday, August 5th. Desjardins raised Fortis from a “hold” rating to a “moderate buy” rating and boosted their target price for the company from C$71.00 to C$76.00 in a research note on Tuesday, August 5th. Raymond James Financial boosted their target price on Fortis from C$69.00 to C$72.00 and gave the company an “outperform” rating in a research note on Tuesday, August 5th. Cibc World Mkts raised Fortis from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 21st. Finally, TD Securities boosted their target price 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. One investment 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 company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average 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.