Fortis Inc. to Post FY2024 Earnings of $3.21 Per Share, Raymond James Forecasts (TSE:FTS)

Fortis Inc. (TSE:FTS) – Analysts at Raymond James increased their FY2024 EPS estimates for Fortis in a research report issued to clients and investors on Wednesday, May 1st. Raymond James analyst D. Quezada now forecasts that the company will post earnings per share of $3.21 for the year, up from their prior estimate 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.

FTS has been the topic of a number of other reports. Scotiabank reduced their price objective on shares of Fortis from C$60.00 to C$56.00 and set a “sector perform” rating on the stock in a research note on Monday, April 22nd. BMO Capital Markets boosted their price target on shares of Fortis from C$58.00 to C$58.50 and gave the company a “market perform” rating in a report on Thursday, May 2nd. JPMorgan Chase & Co. dropped their price objective on 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. Bank of America boosted their target price on Fortis from C$49.00 to C$50.00 in a research note on Tuesday, January 16th. Finally, CIBC raised their price target on Fortis from C$56.00 to C$57.00 and gave the stock a “neutral” rating in a research report on Thursday, May 2nd. One 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. Based on data from MarketBeat, Fortis currently has a consensus rating of “Hold” and a consensus price target of C$56.88.

Fortis Price Performance

Shares of FTS opened at C$55.17 on Monday. The company has a current ratio of 0.60, a quick ratio of 0.36 and a debt-to-equity ratio of 128.89. The stock has a market cap of C$27.20 billion, a P/E ratio of 17.63, a price-to-earnings-growth ratio of 2.80 and a beta of 0.18. The stock’s 50-day moving average price is C$53.30 and its two-hundred day moving average price is C$54.18. Fortis has a 1 year low of C$49.82 and a 1 year high of C$62.00.

Fortis (TSE:FTS) last posted its quarterly earnings results on Friday, February 9th. The company reported C$0.72 earnings per share (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 7.38% and a net margin of 14.11%.

Insiders Place Their Bets

In other Fortis news, Director Brian Slocum bought 1,888 shares of Fortis stock in a transaction that occurred on Tuesday, March 5th. The stock was 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 bought 1,888 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were acquired at an average price of C$39.18 per share, with a total value of C$73,971.65. Also, Senior Officer Ronald Hinsley sold 972 shares of the 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 value of C$37,706.21. Insiders bought a total of 2,851 shares of company stock valued at $111,115 in the last quarter. 0.04% of the stock is currently owned by insiders.

Fortis Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Saturday, June 1st will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 4.28%. The ex-dividend date is Thursday, May 16th. Fortis’s payout ratio is 75.40%.

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.