Fortis (TSE:FTS) Downgraded by Raymond James to “Market Perform”

Raymond James downgraded shares of Fortis (TSE:FTS) from an outperform rating to a market perform rating in a research report released on Wednesday, MarketBeat.com reports. Raymond James also issued estimates for Fortis’ FY2024 earnings at $3.29 EPS, Q2 2025 earnings at $0.65 EPS and Q3 2025 earnings at $0.84 EPS.

Several other equities analysts have also recently weighed in on the company. UBS Group upgraded Fortis to a “strong sell” rating in a report on Tuesday, September 10th. National Bankshares increased their price objective on shares of Fortis from C$56.00 to C$62.00 and gave the stock a “sector perform” rating in a research report on Friday, August 23rd. Scotiabank boosted their target price 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. JPMorgan Chase & Co. boosted their price target on Fortis from C$52.00 to C$53.00 in a report on Thursday, July 25th. Finally, Royal Bank of Canada upped their price target on shares of Fortis from C$62.00 to C$65.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 3rd. Three investment analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of C$60.33.

Fortis Stock Down 0.4 %

FTS stock opened at C$60.72 on Wednesday. The company has a quick ratio of 0.36, a current ratio of 0.69 and a debt-to-equity ratio of 128.59. Fortis has a twelve month low of C$51.02 and a twelve month high of C$62.47. The stock has a market cap of C$30.07 billion, a P/E ratio of 19.03, a PEG ratio of 3.01 and a beta of 0.23. The business’s 50-day moving average price is C$60.62 and its 200-day moving average price is C$57.08.

Fortis Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Sunday, December 1st will be given a $0.83 dividend. This is a positive change from Fortis’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Monday, November 18th. This represents a $3.32 dividend on an annualized basis and a yield of 5.47%. Fortis’s payout ratio is presently 77.12%.

Insider Buying and Selling

In related news, Senior Officer James Reid sold 19,972 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of C$59.46, for a total transaction of C$1,187,493.18. 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.