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

Fortis (TSE:FTS) had its price target decreased 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.

A number of other equities analysts have also recently commented on FTS. CIBC cut their target price on shares of Fortis from C$59.00 to C$56.00 and set a neutral rating on the stock in a report on Friday, April 19th. National Bankshares lifted their target price on shares of Fortis from C$52.00 to C$55.00 and gave the company a sector perform rating in a report on Tuesday, January 30th. Scotiabank cut their target price on shares of Fortis from C$60.00 to C$56.00 and set a sector perform rating on the stock in a report on Monday. Bank of America lifted their target price on shares of Fortis from C$49.00 to C$50.00 in a report on Tuesday, January 16th. Finally, BMO Capital Markets cut their target price on shares of Fortis from C$58.50 to C$58.00 and set a market perform rating on the stock in a report on Monday, February 12th. One equities 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. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of C$56.77.

Fortis Stock Up 0.1 %

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

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

Fortis Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Friday, May 17th will be given a dividend of $0.59 per share. The ex-dividend date is Thursday, May 16th. This represents a $2.36 annualized dividend and a dividend yield of 4.39%. Fortis’s payout ratio is currently 76.13%.

Insiders Place Their Bets

In other Fortis news, Senior Officer Ronald Hinsley sold 972 shares of the business’s stock in a transaction 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. In other Fortis news, Director Margarita Dilley acquired 960 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were acquired at an average cost of C$38.57 per share, for a total transaction of C$37,027.20. Also, Senior Officer Ronald Hinsley sold 972 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of C$38.79, for a total transaction of C$37,706.21. In the last ninety days, insiders have purchased 2,851 shares of company stock worth $111,115. Corporate insiders own 0.04% of the company’s stock.

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.