Brokers Issue Forecasts for Fortis Inc.’s Q1 2024 Earnings (TSE:FTS)

Fortis Inc. (TSE:FTS) – National Bank Financial issued their Q1 2024 earnings per share estimates for shares of Fortis in a report issued on Tuesday, April 23rd. National Bank Financial analyst P. Kenny forecasts that the company will post earnings of $0.91 per share for the quarter. The consensus estimate for Fortis’ current full-year earnings is $3.21 per share.

Fortis (TSE:FTS) last announced its quarterly earnings results on Friday, February 9th. The company reported C$0.72 EPS for the quarter, hitting the consensus estimate of C$0.72. The business had revenue of C$2.89 billion for the quarter, compared to analyst estimates of C$3.22 billion. Fortis had a return on equity of 7.41% and a net margin of 13.66%.

Other equities research analysts have also issued research reports about the company. BMO Capital Markets decreased their price target on Fortis from C$58.50 to C$58.00 and set a “market perform” rating on the stock in a research note on Monday, February 12th. Scotiabank cut their price objective on Fortis from C$60.00 to C$56.00 and set a “sector perform” rating for the company in a research report on Monday. Bank of America lifted their price objective on Fortis from C$49.00 to C$50.00 in a research report on Tuesday, January 16th. JPMorgan Chase & Co. cut their price objective on Fortis from C$53.00 to C$50.00 and set an “underweight” rating for the company in a research report on Monday, January 22nd. Finally, CIBC cut their price objective on Fortis from C$59.00 to C$56.00 and set a “neutral” rating for the company in a research report on Friday, April 19th. 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 stock. According to MarketBeat.com, Fortis presently has an average rating of “Hold” and a consensus target price of C$57.00.

Fortis Price Performance

Shares of TSE:FTS opened at C$53.65 on Thursday. The business’s 50 day simple moving average is C$53.08 and its 200-day simple moving average is C$54.18. The firm has a market capitalization of C$26.45 billion, a price-to-earnings ratio of 17.31, a price-to-earnings-growth ratio of 2.80 and a beta of 0.17. 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 12 month low of C$49.82 and a 12 month high of C$62.00.

Fortis Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Friday, May 17th will be issued a $0.59 dividend. The ex-dividend date is Thursday, May 16th. This represents a $2.36 annualized dividend and a yield of 4.40%. Fortis’s dividend payout ratio (DPR) is presently 76.13%.

Insider Buying and Selling at Fortis

In other Fortis news, Senior Officer Ronald Hinsley sold 972 shares of the business’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 other news, Director Brian Slocum purchased 1,888 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was bought at an average cost of C$39.18 per share, for a total transaction of C$73,971.65. Also, Senior Officer Ronald Hinsley sold 972 shares of the firm’s stock in a transaction dated 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 the last three months, insiders acquired 2,851 shares of company stock worth $111,115. 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.