Fortis (TSE:FTS – Free Report) had its price target trimmed by Raymond James from C$62.00 to C$59.00 in a research note released on Thursday morning, BayStreet.CA reports. Raymond James also issued estimates for Fortis’ Q3 2024 earnings at $0.79 EPS, Q4 2024 earnings at $0.86 EPS, FY2024 earnings at $3.19 EPS, Q1 2025 earnings at $0.94 EPS, Q2 2025 earnings at $0.68 EPS, Q3 2025 earnings at $0.84 EPS, Q4 2025 earnings at $0.88 EPS and FY2025 earnings at $3.34 EPS.
A number of other analysts also recently weighed in on FTS. JPMorgan Chase & Co. decreased their price objective on Fortis from C$53.00 to C$50.00 and set an underweight rating for the company in a report on Monday, January 22nd. Bank of America increased their price objective on Fortis from C$49.00 to C$50.00 in a report on Tuesday, January 16th. National Bankshares increased their price objective on Fortis from C$52.00 to C$55.00 and gave the company a sector perform rating in a report on Tuesday, January 30th. CIBC decreased their price objective on Fortis from C$59.00 to C$56.00 and set a neutral rating for the company in a report on Friday, April 19th. Finally, BMO Capital Markets cut their price target on shares of Fortis from C$58.50 to C$58.00 and set a market perform rating on the stock in a research report on Monday, February 12th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Fortis currently has an average rating of Hold and an average target price of C$56.77.
Check Out Our Latest Report on FTS
Fortis Stock Down 0.6 %
Fortis (TSE:FTS – Get Free Report) last posted its quarterly earnings data on Friday, February 9th. The company reported C$0.72 earnings per share for the quarter, meeting analysts’ consensus estimates of C$0.72. The business had revenue of C$2.89 billion during the quarter, compared to the consensus estimate of C$3.22 billion. Fortis had a return on equity of 7.41% and a net margin of 13.66%. On average, equities analysts predict that Fortis will post 3.2119367 EPS for the current fiscal year.
Fortis Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Friday, May 17th will be given 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 dividend yield of 4.42%. Fortis’s dividend payout ratio (DPR) is presently 76.13%.
Insider Transactions at Fortis
In other news, Senior Officer Ronald Hinsley sold 972 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of C$38.79, for a total transaction of C$37,706.21. In related news, Director Margarita Dilley acquired 960 shares of the business’s stock in a transaction dated Thursday, February 29th. The shares were bought at an average price of C$38.57 per share, with a total value of C$37,027.20. Also, Senior Officer Ronald Hinsley sold 972 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of C$38.79, for a total transaction of C$37,706.21. Insiders have purchased 2,851 shares of company stock valued at $111,115 in the last 90 days. 0.04% of the stock is currently owned by corporate 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.
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