Fortis Inc. (TSE:FTS) to Post Q3 2024 Earnings of $0.79 Per Share, Raymond James Forecasts

Fortis Inc. (TSE:FTS) – Stock analysts at Raymond James reduced their Q3 2024 earnings estimates for Fortis in a research note issued on Thursday, April 25th. Raymond James analyst D. Quezada now expects that the company will post earnings per share of $0.79 for the quarter, down from their previous estimate 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 quarterly earnings results on Friday, February 9th. The company reported C$0.72 earnings per share for the quarter, meeting the consensus estimate 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 13.66% and a return on equity of 7.41%.

A number of other research firms also recently issued reports on FTS. 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. BMO Capital Markets decreased their price objective 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. Bank of America increased their price target on Fortis from C$49.00 to C$50.00 in a 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 on the stock in a research report on Monday, January 22nd. Finally, Scotiabank cut their price objective on Fortis from C$60.00 to C$56.00 and set a “sector perform” rating on the stock in a research report on Monday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of C$56.77.

Fortis Price Performance

FTS opened at C$53.72 on Friday. The stock has a 50-day moving average price of C$53.10 and a 200-day moving average price of C$54.18. The company has a debt-to-equity ratio of 128.76, a current ratio of 0.68 and a quick ratio of 0.36. The firm has a market cap of C$26.48 billion, a PE ratio of 17.33, 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 Announces Dividend

The business 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 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 4.39%. Fortis’s dividend payout ratio (DPR) is 76.13%.

Insiders Place Their Bets

In other Fortis news, Director Brian Slocum acquired 1,888 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were acquired at an average price of C$39.18 per share, for a total transaction of C$73,971.65. In related news, Director Brian Slocum acquired 1,888 shares of the firm’s stock in a transaction on 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. Also, Director Margarita Dilley purchased 960 shares of Fortis stock in a transaction dated Thursday, February 29th. The stock was acquired at an average cost of C$38.57 per share, with a total value of C$37,027.20. Insiders have purchased a total of 2,851 shares of company stock worth $111,115 in the last quarter. 0.04% of the stock is owned by company insiders.

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.