Fortis (TSE:FTS) PT Lowered to C$59.00 at Raymond James

Fortis (TSE:FTS) had its price target reduced by investment analysts at Raymond James from C$62.00 to C$59.00 in a research note issued on Thursday, BayStreet.CA reports. Raymond James’ target price would indicate a potential upside of 10.53% from the stock’s current price. 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 brokerages have also recently commented on FTS. JPMorgan Chase & Co. cut their price target on shares of Fortis from C$53.00 to C$50.00 and set an “underweight” rating on the stock in a research report on Monday, January 22nd. BMO Capital Markets cut their price target on shares of Fortis from C$58.50 to C$58.00 and set a “market perform” rating on the stock in a research report on Monday, February 12th. Scotiabank cut their price target on shares of Fortis from C$60.00 to C$56.00 and set a “sector perform” rating on the stock in a research report on Monday, April 22nd. Bank of America upped their price target on shares of Fortis from C$49.00 to C$50.00 in a research report on Tuesday, January 16th. Finally, National Bankshares upped their price objective 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. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, Fortis presently has an average rating of “Hold” and a consensus target price of C$56.77.

Fortis Stock Performance

Shares of Fortis stock opened at C$53.38 on Thursday. 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 has a twelve month low of C$49.82 and a twelve month high of C$62.00. The stock has a market cap of C$26.32 billion, a price-to-earnings ratio of 17.22, a P/E/G ratio of 2.80 and a beta of 0.17. The company’s fifty day moving average is C$53.10 and its 200 day moving average is C$54.18.

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

Insider Buying and Selling

In other Fortis news, Director Brian Slocum bought 1,888 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were bought at an average price of C$39.18 per share, for a total transaction of C$73,971.65. In other Fortis news, Director Brian Slocum bought 1,888 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were bought at an average price of C$39.18 per share, for a total transaction of C$73,971.65. Also, Senior Officer Ronald Hinsley sold 972 shares of the company’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. Insiders have acquired 2,851 shares of company stock worth $111,115 in the last quarter. 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.