Raymond James Boosts Fortis (TSE:FTS) Price Target to C$61.00

Fortis (TSE:FTS) had its target price boosted by Raymond James from C$59.00 to C$61.00 in a report issued on Thursday, BayStreet.CA reports. They currently have an outperform rating on the stock. Raymond James also issued estimates for Fortis’ Q3 2024 earnings at $0.77 EPS, Q4 2024 earnings at $0.86 EPS, FY2024 earnings at $3.20 EPS and FY2025 earnings at $3.32 EPS.

Several other equities research analysts also recently weighed in on FTS. Scotiabank reduced their price target on shares of Fortis from C$60.00 to C$56.00 and set a sector perform rating for the company in a research report on Monday, April 22nd. CIBC lifted their target price on Fortis from C$56.00 to C$57.00 and gave the stock a neutral rating in a report on Thursday, May 2nd. Wells Fargo & Company boosted their price target on Fortis from C$56.00 to C$59.00 in a research note on Wednesday, May 8th. BMO Capital Markets increased their price objective on Fortis from C$58.50 to C$59.00 in a research report on Thursday. Finally, JPMorgan Chase & Co. boosted their target price on Fortis from C$52.00 to C$53.00 in a research report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of C$58.17.

Fortis Stock Performance

Shares of FTS stock opened at C$59.01 on Thursday. The company has a market capitalization of C$29.09 billion, a price-to-earnings ratio of 18.85, a price-to-earnings-growth ratio of 2.80 and a beta of 0.18. The company has a debt-to-equity ratio of 128.89, a quick ratio of 0.36 and a current ratio of 0.60. Fortis has a one year low of C$49.82 and a one year high of C$59.15. The company’s 50-day moving average is C$54.55 and its 200 day moving average is C$53.95.

Fortis Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Tuesday, August 20th will be issued a dividend of $0.59 per share. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $2.36 dividend on an annualized basis and a yield of 4.00%. Fortis’s dividend payout ratio is currently 75.40%.

Insider Activity

In related news, Senior Officer James Reid bought 700 shares of the stock in a transaction that occurred on Wednesday, June 19th. The shares were bought at an average cost of C$52.37 per share, for a total transaction of C$36,659.00. 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.