Fortis Inc. to Post Q1 2024 Earnings of $0.88 Per Share, Raymond James Forecasts (TSE:FTS)

Fortis Inc. (TSE:FTS) – Stock analysts at Raymond James decreased their Q1 2024 earnings estimates for 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 post earnings per share of $0.88 for the quarter, down from their previous estimate of $0.92. The consensus estimate for Fortis’ current full-year earnings is $3.21 per share.

Fortis (TSE:FTS) last released its earnings results on Friday, February 9th. The company reported C$0.72 earnings per share for the quarter, meeting analysts’ consensus estimates of C$0.72. Fortis had a net margin of 13.66% and a return on equity of 7.41%. The business had revenue of C$2.89 billion during the quarter, compared to the consensus estimate of C$3.22 billion.

A number of other equities analysts have also recently issued reports on the company. National Bankshares increased their price target on Fortis from C$52.00 to C$55.00 and gave the stock a “sector perform” rating in a report on Tuesday, January 30th. JPMorgan Chase & Co. cut their target price 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. BMO Capital Markets decreased their price target on shares of Fortis from C$58.50 to C$58.00 and set a “market perform” rating for the company in a research note on Monday, February 12th. CIBC cut their price objective on shares of Fortis from C$59.00 to C$56.00 and set a “neutral” rating on the stock in a research report on Friday, April 19th. Finally, Bank of America upped their price target on Fortis from C$49.00 to C$50.00 in a research note on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Fortis currently has a consensus rating of “Hold” and an average price target of C$56.77.

Fortis Trading Up 1.3 %

TSE FTS opened at C$54.05 on Monday. The stock has a market capitalization of C$26.65 billion, a P/E ratio of 17.44, a P/E/G ratio of 2.80 and a beta of 0.17. The business has a 50 day simple moving average of C$53.13 and a 200 day simple moving average of C$54.17. The company has a debt-to-equity ratio of 128.76, a current ratio of 0.68 and a quick ratio of 0.36. Fortis has a one year low of C$49.82 and a one year high of C$62.00.

Fortis Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Friday, May 17th will be issued a dividend of $0.59 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.36 annualized dividend and a yield of 4.37%. Fortis’s dividend payout ratio (DPR) is currently 76.13%.

Insider Buying and Selling

In related news, Director Brian Slocum acquired 1,888 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were acquired at an average cost of C$39.18 per share, for a total transaction of C$73,971.65. In other news, Senior Officer Ronald Hinsley sold 972 shares of the business’s stock in a transaction that occurred 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. Also, Director Brian Slocum purchased 1,888 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were acquired at an average cost of C$39.18 per share, with a total value of C$73,971.65. Over the last 90 days, insiders purchased 2,851 shares of company stock worth $111,115. 0.04% of the stock is owned by corporate insiders.

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.