Raymond James Analysts Give Fortis (TSE:FTS) a C$58.00 Price Target

Raymond James set a C$58.00 price target on Fortis (TSE:FTSGet Rating) in a research note issued to investors on Thursday, BayStreet.CA reports. The brokerage currently has a market perform rating on the stock. Raymond James also issued estimates for Fortis’ Q4 2022 earnings at $0.68 EPS and FY2023 earnings at $2.88 EPS.

FTS has been the topic of several other research reports. CIBC raised their price objective on Fortis from C$60.00 to C$63.00 in a research note on Thursday, April 21st. Credit Suisse Group raised their price objective on Fortis to C$66.00 and gave the stock a neutral rating in a research note on Wednesday, April 13th. National Bankshares increased their target price on Fortis from C$59.00 to C$60.00 in a research report on Thursday. TD Securities cut Fortis from an action list buy rating to a buy rating and increased their target price for the stock from C$64.00 to C$65.00 in a research report on Thursday, January 6th. Finally, Veritas Investment Research cut Fortis to a sell rating and set a C$57.50 target price for the company. in a research report on Monday, February 14th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of C$61.81.

FTS stock opened at C$61.66 on Thursday. Fortis has a fifty-two week low of C$54.32 and a fifty-two week high of C$65.13. The business’s 50-day moving average is C$61.80 and its two-hundred day moving average is C$59.39. The company has a debt-to-equity ratio of 124.11, a quick ratio of 0.29 and a current ratio of 0.57. The company has a market cap of C$29.40 billion and a price-to-earnings ratio of 23.62.

Fortis (TSE:FTSGet Rating) last posted its quarterly earnings data on Friday, February 11th. The company reported C$0.63 EPS for the quarter, missing the consensus estimate of C$0.72 by C($0.09). The firm had revenue of C$2.58 billion during the quarter, compared to analysts’ expectations of C$2.36 billion. Equities analysts predict that Fortis will post 2.9800001 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 1st. Stockholders of record on Tuesday, May 17th will be issued a $0.535 dividend. This represents a $2.14 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date is Monday, May 16th. Fortis’s dividend payout ratio (DPR) is 78.54%.

In other news, Senior Officer Nora Duke sold 15,000 shares of Fortis stock in a transaction that occurred on Thursday, March 10th. The stock was sold at an average price of C$60.05, for a total value of C$900,750.00. Following the completion of the transaction, the insider now owns 111,987 shares in the company, valued at approximately C$6,724,819.35. Also, Director Gary Joseph Smith sold 16,720 shares of the firm’s stock in a transaction that occurred on Thursday, March 31st. The stock was sold at an average price of C$62.03, for a total value of C$1,037,175.04. Following the sale, the director now directly owns 13,253 shares of the company’s stock, valued at C$822,110.10. In the last quarter, insiders sold 78,781 shares of company stock valued at $4,800,615.

About Fortis (Get Rating)

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 438,000 retail customers in southeastern Arizona; and 100,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,485 megawatts (MW), including 53 MW of solar capacity and 252 MV of wind capacity.

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Analyst Recommendations for Fortis (TSE:FTS)

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