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 note released on Wednesday, MarketBeat Ratings 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.

Other research analysts have also issued reports about the company. Scotiabank raised their target price on Fortis from C$56.00 to C$63.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 20th. UBS Group upgraded Fortis to a “strong sell” rating in a report on Tuesday, September 10th. BMO Capital Markets raised their target price on Fortis from C$59.00 to C$61.00 in a research note on Thursday, September 5th. JPMorgan Chase & Co. increased their price target on Fortis from C$52.00 to C$53.00 in a report on Thursday, July 25th. Finally, National Bankshares increased their target price on shares of Fortis from C$56.00 to C$62.00 and gave the stock a “sector perform” rating in a research note on Friday, August 23rd. Three analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of C$60.33.

Fortis Stock Performance

TSE FTS opened at C$60.72 on Wednesday. Fortis has a fifty-two week low of C$51.02 and a fifty-two week high of C$62.47. The stock has a market cap of C$30.07 billion, a PE ratio of 19.03, a PEG ratio of 3.01 and a beta of 0.23. The company has a debt-to-equity ratio of 128.59, a quick ratio of 0.36 and a current ratio of 0.69. The firm’s fifty day moving average price is C$60.62 and its two-hundred day moving average price is C$57.08.

Fortis Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Sunday, December 1st will be given a dividend of $0.83 per share. The ex-dividend date is Monday, November 18th. This represents a $3.32 annualized dividend and a dividend yield of 5.47%. This is a boost from Fortis’s previous quarterly dividend of $0.59. Fortis’s dividend payout ratio (DPR) is 77.12%.

Insider Activity at Fortis

In other Fortis news, Senior Officer James Reid sold 19,972 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of C$59.46, for a total value of C$1,187,493.18. 0.04% of the stock is currently owned by insiders.

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.