Fortis (TSE:FTS) Price Target Cut to C$59.00

Fortis (TSE:FTS) had its target price cut by Raymond James from C$62.00 to C$59.00 in a research report released on Thursday morning, 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.

Other equities research analysts have also recently issued reports about the company. Scotiabank reduced their target price on Fortis from C$60.00 to C$56.00 and set a sector perform rating on the stock in a report on Monday, April 22nd. JPMorgan Chase & Co. reduced 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. National Bankshares upped their price target on shares of Fortis from C$52.00 to C$55.00 and gave the company a sector perform rating in a research note on Tuesday, January 30th. Bank of America lifted their price objective on shares of Fortis from C$49.00 to C$50.00 in a research note on Tuesday, January 16th. Finally, CIBC decreased 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 research report on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Fortis presently has an average rating of Hold and a consensus price target of C$56.77.

Fortis Price Performance

TSE FTS opened at C$53.38 on Thursday. Fortis has a fifty-two week low of C$49.82 and a fifty-two week high of C$62.00. The company has a debt-to-equity ratio of 128.76, a quick ratio of 0.36 and a current ratio of 0.68. The company has a market capitalization of C$26.32 billion, a PE ratio of 17.22, a price-to-earnings-growth ratio of 2.80 and a beta of 0.17. The business’s fifty day moving average is C$53.10 and its 200 day moving average is C$54.17.

Fortis (TSE:FTS) last issued its earnings results on Friday, February 9th. The company reported C$0.72 earnings per share for the quarter, hitting the consensus estimate of C$0.72. The company had revenue of C$2.89 billion during 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%. Sell-side analysts predict that Fortis will post 3.2119367 earnings per share for the current year.

Fortis Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Friday, May 17th will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 4.42%. The ex-dividend date of this dividend is Thursday, May 16th. Fortis’s dividend payout ratio (DPR) is presently 76.13%.

Insider Activity at Fortis

In related news, Director Margarita Dilley acquired 960 shares of the stock in a transaction dated Thursday, February 29th. The stock was acquired at an average cost of C$38.57 per share, with a total value of C$37,027.20. In related news, Director Brian Slocum purchased 1,888 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were purchased at an average price of C$39.18 per share, with a total value of C$73,971.65. Also, Director Margarita Dilley acquired 960 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was purchased at an average price of C$38.57 per share, for a total transaction of C$37,027.20. Insiders bought 2,851 shares of company stock worth $111,115 in the last three months. 0.04% of the stock is owned by company insiders.

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.