Raymond James Lowers Fortis (TSE:FTS) Price Target to C$59.00

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 report issued to clients and investors on Thursday, BayStreet.CA reports. Raymond James’ target price would indicate a potential upside of 10.53% from the company’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.

Several other equities analysts have also recently commented on FTS. Bank of America upped their price target on Fortis from C$49.00 to C$50.00 in a report on Tuesday, January 16th. JPMorgan Chase & Co. cut their price target on Fortis from C$53.00 to C$50.00 and set an “underweight” rating for the company in a report on Monday, January 22nd. National Bankshares upped their price target on Fortis from C$52.00 to C$55.00 and gave the company a “sector perform” rating in a report on Tuesday, January 30th. Scotiabank cut their price target on Fortis from C$60.00 to C$56.00 and set a “sector perform” rating for the company in a report on Monday, April 22nd. Finally, BMO Capital Markets cut their price target on Fortis from C$58.50 to C$58.00 and set a “market perform” rating for the company in a report on Monday, February 12th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus 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 twelve month low of C$49.82 and a twelve month 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 stock has a market capitalization of C$26.32 billion, a PE ratio of 17.22, a P/E/G ratio of 2.80 and a beta of 0.17. The stock has a 50-day simple moving average of C$53.10 and a 200 day simple moving average of C$54.18.

Fortis (TSE:FTS) last posted its quarterly earnings data 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 business had revenue of C$2.89 billion during the quarter, compared to analysts’ expectations of C$3.22 billion. Fortis had a return on equity of 7.41% and a net margin of 13.66%. Research analysts anticipate that Fortis will post 3.2119367 EPS for the current year.

Insider Buying and Selling

In related news, Senior Officer Ronald Hinsley sold 972 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of C$38.79, for a total transaction of C$37,706.21. In related news, Senior Officer Ronald Hinsley sold 972 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of C$38.79, for a total transaction of C$37,706.21. Also, Director Brian Slocum purchased 1,888 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were acquired at an average price of C$39.18 per share, for a total transaction of C$73,971.65. Insiders have acquired a total of 2,851 shares of company stock worth $111,115 in the last three months. 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.