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

Fortis (TSE:FTS) had its target price hoisted by Raymond James from C$59.00 to C$61.00 in a research note issued to investors on Thursday morning, BayStreet.CA reports. Raymond James currently has 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.

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

Fortis Stock Performance

TSE FTS opened at C$59.01 on Thursday. The firm’s 50 day simple moving average is C$54.55 and its 200 day simple moving average is C$53.95. The firm has a market capitalization of C$29.09 billion, a price-to-earnings ratio of 18.85, a P/E/G ratio of 2.80 and a beta of 0.18. The company has a current ratio of 0.60, a quick ratio of 0.36 and a debt-to-equity ratio of 128.89. Fortis has a 1 year low of C$49.82 and a 1 year high of C$59.15.

Fortis Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Tuesday, August 20th will be given a dividend of $0.59 per share. The ex-dividend date is Tuesday, August 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.00%. Fortis’s dividend payout ratio (DPR) is 75.40%.

Insider Buying and Selling

In other news, Senior Officer James Reid bought 700 shares of the firm’s stock in a transaction on Wednesday, June 19th. The stock was acquired at an average price of C$52.37 per share, with a total value of C$36,659.00. 0.04% of the stock is owned by 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.