Fortis Inc. (TSE:FTS) Forecasted to Post Q1 2024 Earnings of $0.91 Per Share

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

Other research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. reduced their price target on shares of 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. CIBC cut their price objective on shares of Fortis from C$59.00 to C$56.00 and set a “neutral” rating for the company in a report on Friday, April 19th. Bank of America increased their price objective on shares of Fortis from C$49.00 to C$50.00 in a report on Tuesday, January 16th. Scotiabank cut their price objective 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. Finally, Raymond James cut their price objective on shares of Fortis from C$62.00 to C$59.00 in a report on Thursday. 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of C$56.77.

Fortis Stock Up 0.1 %

FTS opened at C$53.72 on Thursday. Fortis has a twelve month low of C$49.82 and a twelve month high of C$62.00. The company has a quick ratio of 0.36, a current ratio of 0.68 and a debt-to-equity ratio of 128.76. The company 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 market cap of C$26.48 billion, a PE ratio of 17.33, a price-to-earnings-growth ratio of 2.80 and a beta of 0.17.

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, hitting the consensus estimate of C$0.72. Fortis had a net margin of 13.66% and a return on equity of 7.41%. The firm had revenue of C$2.89 billion during the quarter, compared to the consensus estimate of C$3.22 billion.

Insider Transactions at Fortis

In related news, Director Brian Slocum acquired 1,888 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was purchased at an average price of C$39.18 per share, with a total value of C$73,971.65. In related news, Director Brian Slocum acquired 1,888 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was purchased 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 stock was sold at an average price of C$38.79, for a total transaction of C$37,706.21. Insiders bought 2,851 shares of company stock worth $111,115 in the last 90 days. Insiders own 0.04% of the company’s stock.

Fortis Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders 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 dividend on an annualized basis and a dividend yield of 4.39%. Fortis’s dividend payout ratio is currently 76.13%.

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.