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

Fortis (TSE:FTS) had its price objective hoisted by equities research analysts at Raymond James from C$59.00 to C$61.00 in a research report issued on Thursday, BayStreet.CA reports. The brokerage currently has an “outperform” rating on the stock. Raymond James’ target price points to a potential upside of 4.87% from the company’s current price. Raymond James also issued estimates for Fortis’ FY2024 earnings at $3.20 EPS.

FTS has been the topic of a number of other reports. JPMorgan Chase & Co. upped their price target on shares of Fortis from C$52.00 to C$53.00 in a research note on Thursday, July 25th. Wells Fargo & Company increased their target price on shares of Fortis from C$56.00 to C$59.00 in a research note on Wednesday, May 8th. BMO Capital Markets increased their target price on shares of Fortis from C$58.50 to C$59.00 in a research note on Thursday. Scotiabank lowered their target price 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. Finally, CIBC increased their target price on shares of Fortis from C$56.00 to C$57.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. One analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Fortis has a consensus rating of “Hold” and a consensus price target of C$58.17.

Fortis Stock Performance

Shares of FTS stock traded up C$0.45 during trading on Thursday, reaching C$58.17. 412,684 shares of the company’s stock traded hands, compared to its average volume of 1,593,406. The company has a market capitalization of C$28.68 billion, a P/E ratio of 18.59, a PEG 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. The firm’s 50-day moving average is C$54.39 and its 200 day moving average is C$53.91. Fortis has a 1 year low of C$49.82 and a 1 year high of C$58.25.

Fortis (TSE:FTS) last announced its quarterly earnings results on Wednesday, May 1st. The company reported C$0.93 EPS for the quarter, beating analysts’ consensus estimates of C$0.89 by C$0.04. The company had revenue of C$3.12 billion for the quarter, compared to analysts’ expectations of C$3.34 billion. Fortis had a net margin of 14.11% and a return on equity of 7.38%. Equities research analysts expect that Fortis will post 3.2075145 EPS for the current year.

Insider Activity

In other Fortis news, Senior Officer James Reid bought 700 shares of Fortis stock in a transaction that occurred on Wednesday, June 19th. The shares were bought at an average price of C$52.37 per share, with a total value of C$36,659.00. Corporate insiders own 0.04% of the company’s stock.

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.