Stocks

Fortis Downgraded to Market Perform by Raymond James

Published November 8, 2024

Fortis Inc. (TSE:FTS) has recently been downgraded by equities research analysts at Raymond James. The company’s rating changed from "outperform" to "market perform" according to a research note released on Wednesday, as reported by MarketBeat. In the same analysis, Raymond James also provided earnings estimates, projecting Fortis to achieve earnings of $3.29 per share for the fiscal year 2024, $0.65 per share in the second quarter of 2025, and $0.84 per share in the third quarter of 2025.

Other analysts have also recently given their assessments of Fortis stock. Scotiabank raised their target price for Fortis shares from C$56.00 to C$63.00, designating the stock as "sector perform" in a report issued on August 20. Furthermore, JPMorgan Chase & Co.Bank of America

Fortis Stock Performance

On Wednesday, Fortis shares opened at C$60.79. The company has a current ratio of 0.69, a quick ratio of 0.36, and a substantial debt-to-equity ratio of 128.59. Fortis maintains a fifty-day simple moving average of C$60.62 and a two-hundred-day simple moving average of C$57.08. Over the last year, Fortis has experienced a low of C$51.02 and a high of C$62.47. The company's market capitalization stands at C$30.10 billion, boasting a price-to-earnings (PE) ratio of 19.06 and a price-to-earnings-growth (PEG) ratio of 3.01 with a beta of 0.23.

Insider Activity

In related news, a senior officer named James Reid sold 19,972 shares of the company on August 23, which took place at an average price of C$59.46. This transaction totaled approximately C$1,187,493.18. Currently, only about 0.04% of the stock is owned by corporate insiders.

About Fortis

Fortis Inc. operates as an electric and gas utility company across Canada, the United States, and the Caribbean. The company generates, transmits, and distributes electricity to around 447,000 retail customers in southeastern Arizona and an additional 103,000 customers in Mohave and Santa Cruz counties, with a cumulative capacity of 3,408 megawatts (MW), which includes 68 MW of solar and 250 MW of wind energy.

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