Fortis (TSE:FTS) Cut to Market Perform at Raymond James

Raymond James downgraded shares of Fortis (TSE:FTS) from an outperform rating to a market perform rating in a report published on Wednesday, MarketBeat reports. Raymond James also issued estimates for Fortis’ FY2024 earnings at $3.29 EPS, Q1 2025 earnings at $0.93 EPS, Q2 2025 earnings at $0.65 EPS, Q3 2025 earnings at $0.84 EPS, Q4 2025 earnings at $0.90 EPS and FY2025 earnings at $3.32 EPS.

Several other equities analysts have also commented on FTS. National Bankshares raised their target price on shares of Fortis from C$56.00 to C$62.00 and gave the company a “sector perform” rating in a report on Friday, August 23rd. JPMorgan Chase & Co. upped their target price on Fortis from C$52.00 to C$53.00 in a research note on Thursday, July 25th. CIBC lifted their price target on Fortis from C$57.00 to C$59.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Bank of America set a C$60.00 price target on Fortis and gave the stock an “underperform” rating in a report on Friday, September 20th. Finally, Scotiabank raised their price objective on Fortis from C$56.00 to C$63.00 and gave the company a “sector perform” rating in a research note on Tuesday, August 20th. Three investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of C$60.33.

Fortis Stock Up 1.1 %

TSE FTS opened at C$61.47 on Wednesday. The company has a market cap of C$30.44 billion, a price-to-earnings ratio of 19.27, a PEG ratio of 3.01 and a beta of 0.23. Fortis has a 1-year low of C$51.02 and a 1-year high of C$62.47. The company has a current ratio of 0.69, a quick ratio of 0.36 and a debt-to-equity ratio of 128.59. The company has a 50 day moving average of C$60.69 and a 200-day moving average of C$57.14.

Fortis Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Sunday, December 1st will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 5.40%. The ex-dividend date is Monday, November 18th. This is a boost from Fortis’s previous quarterly dividend of $0.59. Fortis’s dividend payout ratio is 77.12%.

Insider Buying and Selling

In related news, Senior Officer James Reid sold 19,972 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of C$59.46, for a total value of C$1,187,493.18. 0.04% of the stock is owned by company insiders.

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.