Brokers Issue Forecasts for Fortis Inc.’s FY2024 Earnings (TSE:FTS)

Fortis Inc. (TSE:FTS) – Analysts at Raymond James lifted their FY2024 earnings per share estimates for shares of Fortis in a research report issued on Wednesday, May 1st. Raymond James analyst D. Quezada now anticipates that the company will post earnings per share of $3.21 for the year, up from their previous forecast of $3.19. The consensus estimate for Fortis’ current full-year earnings is $3.20 per share. Raymond James also issued estimates for Fortis’ Q4 2024 earnings at $0.85 EPS.

Fortis (TSE:FTS) last issued its quarterly earnings data on Friday, February 9th. The company reported C$0.72 earnings per share for the quarter, meeting analysts’ consensus estimates of C$0.72. The business had revenue of C$2.89 billion for the quarter, compared to analysts’ expectations of C$3.22 billion. Fortis had a net margin of 14.11% and a return on equity of 7.38%.

Other research analysts have also issued research reports about the stock. BMO Capital Markets raised their price objective on shares of Fortis from C$58.00 to C$58.50 and gave the company a “market perform” rating in a research note on Thursday, May 2nd. National Bankshares lifted their price target on Fortis from C$52.00 to C$55.00 and gave the company a “sector perform” rating in a research report on Tuesday, January 30th. Bank of America upped their price objective on Fortis from C$49.00 to C$50.00 in a report on Tuesday, January 16th. CIBC lifted their target price on Fortis from C$56.00 to C$57.00 and gave the stock a “neutral” rating in a report on Thursday, May 2nd. Finally, Scotiabank cut their price target on shares of Fortis from C$60.00 to C$56.00 and set a “sector perform” rating for the company in a report on Monday, April 22nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of C$56.88.

Fortis Stock Up 0.3 %

Fortis stock opened at C$54.77 on Monday. Fortis has a 52 week low of C$49.82 and a 52 week high of C$62.00. The stock has a market cap of C$27.00 billion, a price-to-earnings ratio of 17.50, a PEG ratio of 2.80 and a beta of 0.18. The company’s 50-day moving average price is C$53.24 and its two-hundred day moving average price is C$54.17. The company has a current ratio of 0.60, a quick ratio of 0.36 and a debt-to-equity ratio of 128.89.

Fortis Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Saturday, June 1st will be paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 4.31%. The ex-dividend date of this dividend is Thursday, May 16th. Fortis’s dividend payout ratio is presently 75.40%.

Insider Transactions at Fortis

In other news, Director Brian Slocum acquired 1,888 shares of the stock in a transaction on Tuesday, March 5th. The shares were purchased at an average cost of C$39.18 per share, for a total transaction of C$73,971.65. In other Fortis news, Director Margarita Dilley bought 960 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were bought at an average price of C$38.57 per share, for a total transaction of C$37,027.20. Also, Director Brian Slocum purchased 1,888 shares of Fortis stock in a transaction dated Tuesday, March 5th. The stock was bought at an average cost of C$39.18 per share, with a total value of C$73,971.65. Insiders have bought a total of 2,851 shares of company stock valued at $111,115 over the last ninety days. 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.