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

Raymond James lowered shares of Fortis (TSE:FTS) from an outperform rating to a market perform rating in a report issued on Wednesday morning, MarketBeat Ratings 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 analysts also recently issued reports on the stock. CIBC upped their price target on shares of Fortis from C$57.00 to C$59.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Scotiabank upped their price objective on shares of 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. UBS Group raised shares of Fortis to a “strong sell” rating in a research note on Tuesday, September 10th. JPMorgan Chase & Co. upped their price objective on shares of Fortis from C$52.00 to C$53.00 in a research note on Thursday, July 25th. Finally, National Bankshares lifted their price objective on Fortis from C$56.00 to C$62.00 and gave the company a “sector perform” rating in a research report on Friday, August 23rd. Three analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of C$60.33.

Fortis Stock Up 1.1 %

Shares of TSE FTS opened at C$61.47 on Wednesday. Fortis has a 12-month low of C$51.02 and a 12-month high of C$62.47. The company has a market capitalization of C$30.44 billion, a PE ratio of 19.27, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23. The company has a debt-to-equity ratio of 128.59, a current ratio of 0.69 and a quick ratio of 0.36. The firm’s 50-day moving average is C$60.69 and its two-hundred day moving average is C$57.14.

Fortis Increases Dividend

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

Insider Transactions at Fortis

In other news, Senior Officer James Reid sold 19,972 shares of the firm’s stock in a transaction dated 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. Company 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.