Fortis Inc. (TSE:FTS) Senior Officer Keri Linda Glitch Purchases 450 Shares of Stock

Fortis Inc. (TSE:FTS) Senior Officer Keri Linda Glitch purchased 450 shares of the company’s stock in a transaction on Friday, November 8th. The stock was bought at an average price of C$61.41 per share, for a total transaction of C$27,634.59. Following the completion of the purchase, the insider now directly owns 450 shares of the company’s stock, valued at C$27,634.59.

Fortis Stock Performance

FTS stock opened at C$61.73 on Wednesday. Fortis Inc. has a 52 week low of C$51.02 and a 52 week high of C$62.47. The company has a debt-to-equity ratio of 128.59, a quick ratio of 0.36 and a current ratio of 0.69. The stock has a market cap of C$30.57 billion, a P/E ratio of 19.39, a P/E/G ratio of 3.01 and a beta of 0.23. The firm has a 50 day simple moving average of C$60.74 and a 200 day simple moving average of C$57.28.

Fortis Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Sunday, December 1st will be paid a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 5.38%. The ex-dividend date of this dividend is Monday, November 18th. This is a positive change from Fortis’s previous quarterly dividend of $0.59. Fortis’s payout ratio is presently 77.12%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. National Bankshares lifted their price target on Fortis from C$56.00 to C$62.00 and gave the company a “sector perform” rating in a research note on Friday, August 23rd. Royal Bank of Canada increased their target price on Fortis from C$62.00 to C$65.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 3rd. Raymond James cut Fortis from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 6th. CIBC boosted their price objective on 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, Bank of America set a C$60.00 price target on Fortis and gave the stock an “underperform” rating in a research note on Friday, September 20th. Three investment analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to MarketBeat, Fortis currently has an average rating of “Hold” and an average target price of C$60.33.

About Fortis

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.