Fortis Inc. (TSE:FTS) Senior Officer Keri Linda Glitch Acquires 450 Shares

Fortis Inc. (TSE:FTS) Senior Officer Keri Linda Glitch bought 450 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were acquired at an average price of C$61.41 per share, for a total transaction of C$27,634.59. Following the transaction, the insider now owns 450 shares in the company, valued at approximately C$27,634.59. This represents a ∞ increase in their ownership of the stock.

Fortis Trading Up 1.1 %

TSE:FTS opened at C$62.27 on Friday. The company has a market cap of C$30.84 billion, a PE ratio of 19.52, a PEG ratio of 3.01 and a beta of 0.23. The company has a debt-to-equity ratio of 128.59, a current ratio of 0.69 and a quick ratio of 0.36. Fortis Inc. has a one year low of C$51.02 and a one year high of C$62.56. The firm has a 50-day moving average of C$60.85 and a 200-day moving average of C$57.41.

Fortis Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Sunday, December 1st will be given a dividend of $0.83 per share. This is an increase from Fortis’s previous quarterly dividend of $0.59. This represents a $3.32 dividend on an annualized basis and a dividend yield of 5.33%. The ex-dividend date is Monday, November 18th. Fortis’s dividend payout ratio is currently 77.12%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Royal Bank of Canada boosted their price objective on shares of Fortis from C$62.00 to C$65.00 and gave the company a “sector perform” rating in a research report on Thursday, October 3rd. UBS Group upgraded shares of Fortis to a “strong sell” rating in a research note on Tuesday, September 10th. Raymond James downgraded shares of Fortis from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 6th. CIBC boosted their target price on shares of Fortis from C$57.00 to C$59.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Finally, JPMorgan Chase & Co. increased their price target on Fortis from C$52.00 to C$53.00 in a research note on Thursday, July 25th. Three investment analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of C$60.33.

Fortis Company Profile

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona’s Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.