Q3 2024 EPS Estimates for Fortis Inc. Decreased by Raymond James (TSE:FTS)

Fortis Inc. (TSE:FTS) – Stock analysts at Raymond James lowered their Q3 2024 earnings per share estimates for shares of Fortis in a research note issued to investors on Thursday, April 25th. Raymond James analyst D. Quezada now forecasts that the company will post earnings per share of $0.79 for the quarter, down from their prior forecast 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.

A number of other equities research analysts have also weighed in on FTS. Scotiabank reduced their target price on shares of Fortis from C$60.00 to C$56.00 and set a “sector perform” rating on the stock in a report on Monday, April 22nd. National Bankshares upped their target price on Fortis from C$52.00 to C$55.00 and gave the company a “sector perform” rating in a report on Tuesday, January 30th. JPMorgan Chase & Co. lowered 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 report on Monday, January 22nd. Bank of America upped their price objective on shares of Fortis from C$49.00 to C$50.00 in a research note on Tuesday, January 16th. Finally, CIBC lowered their target price on shares of Fortis from C$59.00 to C$56.00 and set a “neutral” rating for the company in a research note on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Fortis presently has a consensus rating of “Hold” and a consensus target price of C$56.77.

Fortis Trading Down 0.6 %

TSE FTS opened at C$53.38 on Friday. Fortis has a twelve month low of C$49.82 and a twelve month high of C$62.00. The business’s fifty day moving average is C$53.10 and its 200 day moving average is C$54.18. 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 market cap of C$26.32 billion, a price-to-earnings ratio of 17.22, a price-to-earnings-growth ratio of 2.80 and a beta of 0.17.

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

Fortis Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Friday, May 17th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 4.42%. The ex-dividend date is Thursday, May 16th. Fortis’s payout ratio is 76.13%.

Insider Activity

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