Fortis (TSE:FTS) Price Target Cut to C$59.00 by Analysts at Raymond James

Fortis (TSE:FTS) had its price target lowered by Raymond James from C$62.00 to C$59.00 in a research report released on Thursday, BayStreet.CA reports. Raymond James also issued estimates for Fortis’ Q3 2024 earnings at $0.79 EPS, Q4 2024 earnings at $0.86 EPS, FY2024 earnings at $3.19 EPS, Q1 2025 earnings at $0.94 EPS, Q2 2025 earnings at $0.68 EPS, Q3 2025 earnings at $0.84 EPS, Q4 2025 earnings at $0.88 EPS and FY2025 earnings at $3.34 EPS.

FTS has been the topic of a number of other research reports. Bank of America increased their price objective on shares of Fortis from C$49.00 to C$50.00 in a research report on Tuesday, January 16th. JPMorgan Chase & Co. reduced their target price on shares of Fortis from C$53.00 to C$50.00 and set an underweight rating for the company in a report on Monday, January 22nd. Scotiabank reduced their target price on shares of Fortis from C$60.00 to C$56.00 and set a sector perform rating for the company in a report on Monday. CIBC reduced their target price on shares of Fortis from C$59.00 to C$56.00 and set a neutral rating for the company in a report on Friday, April 19th. Finally, BMO Capital Markets reduced their target price on shares of Fortis from C$58.50 to C$58.00 and set a market perform rating for the company in a report on Monday, February 12th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Fortis has an average rating of Hold and a consensus price target of C$56.77.

Fortis Stock Up 0.1 %

Shares of Fortis stock opened at C$53.72 on Thursday. The company has a market cap of C$26.48 billion, a price-to-earnings ratio of 17.33, a price-to-earnings-growth ratio of 2.80 and a beta of 0.17. The company’s 50 day moving average is C$53.10 and its 200 day moving average is C$54.18. Fortis has a twelve month low of C$49.82 and a twelve month high of C$62.00. The company has a quick ratio of 0.36, a current ratio of 0.68 and a debt-to-equity ratio of 128.76.

Fortis (TSE:FTS) last issued its quarterly earnings data on Friday, February 9th. The company reported C$0.72 earnings per share for the quarter, meeting analysts’ consensus estimates of C$0.72. The company had revenue of C$2.89 billion for the quarter, compared to the consensus estimate of C$3.22 billion. Fortis had a net margin of 13.66% and a return on equity of 7.41%. Research analysts anticipate that Fortis will post 3.2119367 EPS for the current year.

Fortis Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Friday, May 17th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date of this dividend is Thursday, May 16th. Fortis’s dividend payout ratio (DPR) is presently 76.13%.

Insider Buying and Selling

In related news, Director Brian Slocum bought 1,888 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was bought at an average cost of C$39.18 per share, for a total transaction of C$73,971.65. In other Fortis news, Director Brian Slocum acquired 1,888 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was acquired at an average cost of C$39.18 per share, for a total transaction of C$73,971.65. Also, Senior Officer Ronald Hinsley sold 972 shares of Fortis stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of C$38.79, for a total transaction of C$37,706.21. Insiders purchased 2,851 shares of company stock worth $111,115 in the last three months. Corporate insiders own 0.04% of the company’s stock.

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.