Analysts’ Weekly Ratings Changes for Fortis (FTS)

Fortis (TSE: FTS) recently received a number of ratings updates from brokerages and research firms:

• 5/2/2024 – Fortis had its price target raised by analysts at CIBC from C$56.00 to C$57.00. They now have a “neutral” rating on the stock.
• 5/2/2024 – Fortis had its price target raised by analysts at BMO Capital Markets from C$58.00 to C$58.50. They now have a “market perform” rating on the stock.
• 4/25/2024 – Fortis had its price target lowered by analysts at Raymond James from C$62.00 to C$59.00.
• 4/22/2024 – Fortis had its price target lowered by analysts at Scotiabank from C$60.00 to C$56.00. They now have a “sector perform” rating on the stock.
• 4/19/2024 – Fortis had its price target lowered by analysts at CIBC from C$59.00 to C$56.00. They now have a “neutral” rating on the stock.

Fortis Price Performance

Shares of Fortis stock traded up C$0.20 during trading hours on Thursday, reaching C$54.56. 375,390 shares of the company’s stock were exchanged, compared to its average volume of 1,545,850. Fortis Inc. has a 1 year low of C$49.82 and a 1 year high of C$62.00. The company has a market capitalization of C$26.90 billion, a P/E ratio of 17.60, a price-to-earnings-growth ratio of 2.80 and a beta of 0.17. The business has a fifty day moving average of C$53.15 and a two-hundred day moving average of C$54.17. The company has a quick ratio of 0.36, a current ratio of 0.68 and a debt-to-equity ratio of 128.76.

Fortis (TSE:FTS) last announced its quarterly earnings results on Friday, February 9th. The company reported C$0.72 earnings per share for the quarter, meeting the consensus estimate of C$0.72. Fortis had a net margin of 13.66% and a return on equity of 7.41%. The firm had revenue of C$2.89 billion for the quarter, compared to analysts’ expectations of C$3.22 billion. As a group, research analysts predict that Fortis Inc. will post 3.2119367 earnings per share for the current fiscal year.

Fortis Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Saturday, June 1st will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.36 dividend on an annualized basis and a yield of 4.33%. Fortis’s dividend payout ratio (DPR) is presently 76.13%.

Insider Buying and Selling

In related news, Director Brian Slocum purchased 1,888 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were bought at an average cost of C$39.18 per share, for a total transaction of C$73,971.65. In other Fortis news, Director Brian Slocum bought 1,888 shares of Fortis stock in a transaction on Tuesday, March 5th. The stock was bought at an average price of C$39.18 per share, with a total value of C$73,971.65. Also, Senior Officer Ronald Hinsley sold 972 shares of the firm’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of C$38.79, for a total value of C$37,706.21. Over the last ninety days, insiders have bought 2,851 shares of company stock worth $111,115. Company insiders own 0.04% of the company’s stock.

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.