Fortis (TSE:FTS) Lowered to Market Perform Rating by Raymond James

Fortis (TSE:FTS) was downgraded by equities research analysts at Raymond James from an “outperform” rating to a “market perform” rating in a research note issued on Wednesday, MarketBeat 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 research analysts also recently commented on the stock. Scotiabank boosted their target price on shares of 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. JPMorgan Chase & Co. increased their price objective on Fortis from C$52.00 to C$53.00 in a research note on Thursday, July 25th. BMO Capital Markets raised their target price on Fortis from C$59.00 to C$61.00 in a report on Thursday, September 5th. Bank of America set a C$60.00 price target on Fortis and gave the stock an “underperform” rating in a report on Friday, September 20th. Finally, CIBC lifted their price objective on shares of Fortis from C$57.00 to C$59.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Three investment analysts have rated the stock with a sell rating and six have given a hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of C$60.33.

Fortis Stock Performance

Shares of FTS stock opened at C$60.79 on Wednesday. The company has a current ratio of 0.69, a quick ratio of 0.36 and a debt-to-equity ratio of 128.59. The firm has a fifty day simple moving average of C$60.62 and a two-hundred day simple moving average of C$57.08. Fortis has a 12 month low of C$51.02 and a 12 month high of C$62.47. The firm has a market capitalization of C$30.10 billion, a PE ratio of 19.06, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23.

Insider Buying and Selling

In other news, Senior Officer James Reid sold 19,972 shares of the stock in a transaction that occurred 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 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.