FY2023 EPS Estimates for Fortis Inc. Reduced by Analyst (TSE:FTS)

Fortis Inc. (TSE:FTSFree Report) – Equities researchers at National Bank Financial dropped their FY2023 earnings estimates for shares of Fortis in a note issued to investors on Monday, January 29th. National Bank Financial analyst P. Kenny now anticipates that the company will post earnings of $3.01 per share for the year, down from their prior estimate of $3.03. The consensus estimate for Fortis’ current full-year earnings is $3.21 per share. National Bank Financial also issued estimates for Fortis’ FY2026 earnings at $3.38 EPS and FY2027 earnings at $3.57 EPS.

A number of other equities analysts also recently weighed in on the stock. Scotiabank boosted their price target on shares of Fortis from C$57.00 to C$60.00 and gave the stock a “sector perform” rating in a report on Wednesday, January 24th. Bank of America boosted their price objective on Fortis from C$49.00 to C$50.00 in a research note on Tuesday, January 16th. CIBC boosted their price objective on Fortis from C$58.00 to C$59.00 and gave the company a “neutral” rating in a research note on Wednesday, January 24th. JPMorgan Chase & Co. lowered 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. Finally, TD Securities lowered their price objective on Fortis from C$63.00 to C$61.00 and set a “buy” rating on the stock in a research note on Monday, October 30th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of C$57.58.

View Our Latest Research Report on FTS

Fortis Price Performance

Shares of TSE:FTS opened at C$54.17 on Wednesday. The company’s 50-day moving average is C$54.68 and its 200 day moving average is C$54.68. The company has a debt-to-equity ratio of 128.96, a quick ratio of 0.36 and a current ratio of 0.71. The company has a market capitalization of C$26.46 billion, a P/E ratio of 17.53, a price-to-earnings-growth ratio of 2.80 and a beta of 0.19. Fortis has a fifty-two week low of C$49.82 and a fifty-two week high of C$62.00.

Fortis Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Stockholders of record on Friday, March 1st will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 4.36%. The ex-dividend date is Thursday, February 15th. Fortis’s dividend payout ratio is presently 76.38%.

About Fortis

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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 443,000 retail customers in southeastern Arizona; and 102,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,328 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.

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