Q3 2024 EPS Estimates for Fortis Inc. (TSE:FTS) Decreased by Analyst

Fortis Inc. (TSE:FTS) – Equities researchers at Raymond James decreased their Q3 2024 earnings estimates for shares of Fortis in a research report issued to clients and investors on Thursday, April 25th. Raymond James analyst D. Quezada now anticipates that the company will earn $0.79 per share for the quarter, down from their previous forecast of $0.80. The consensus estimate for Fortis’ current full-year earnings is $3.21 per share. Raymond James also issued estimates for Fortis’ 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.

Fortis (TSE:FTS) last released its earnings results on Friday, February 9th. The company reported C$0.72 earnings per share for the quarter, hitting analysts’ consensus estimates of C$0.72. The business had revenue of C$2.89 billion for 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%.

FTS has been the topic of several other research reports. CIBC lowered their price target on shares of Fortis from C$59.00 to C$56.00 and set a “neutral” rating on the stock in a report on Friday, April 19th. National Bankshares boosted their price target on Fortis from C$52.00 to C$55.00 and gave the company a “sector perform” rating in a research note on Tuesday, January 30th. Bank of America lifted their price objective on Fortis from C$49.00 to C$50.00 in a report on Tuesday, January 16th. JPMorgan Chase & Co. decreased their price objective on shares of Fortis from C$53.00 to C$50.00 and set an “underweight” rating on the stock in a research note on Monday, January 22nd. Finally, BMO Capital Markets reduced their target price on Fortis from C$58.50 to C$58.00 and set a “market perform” rating on the stock in a report on Monday, February 12th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, Fortis has a consensus rating of “Hold” and an average price target of C$56.77.

Fortis Stock Performance

FTS opened at C$53.38 on Friday. The stock’s 50 day simple moving average is C$53.10 and its 200-day simple moving average is C$54.18. The company has a current ratio of 0.68, a quick ratio of 0.36 and a debt-to-equity ratio of 128.76. The stock has a market cap of C$26.32 billion, a PE ratio of 17.22, a P/E/G ratio of 2.80 and a beta of 0.17. Fortis has a 1 year low of C$49.82 and a 1 year high of C$62.00.

Fortis Dividend Announcement

The firm also recently declared 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. This represents a $2.36 annualized dividend and a dividend yield of 4.42%. The ex-dividend date of this dividend is Thursday, May 16th. Fortis’s dividend payout ratio is 76.13%.

Insider Buying and Selling

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

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.