Equities Analysts Set Expectations for Fortis Inc.’s Q1 2024 Earnings (TSE:FTS)

Fortis Inc. (TSE:FTS) – Equities research analysts at National Bank Financial issued their Q1 2024 earnings estimates for shares of Fortis in a research note issued to 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 have also recently issued research reports about the company. Bank of America increased their target price on Fortis from C$49.00 to C$50.00 in a research note on Tuesday, January 16th. Scotiabank reduced their target price on 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. CIBC reduced their target price on Fortis from C$59.00 to C$56.00 and set a “neutral” rating on the stock in a research note on Friday, April 19th. National Bankshares upped their price target on shares of Fortis from C$52.00 to C$55.00 and gave the company a “sector perform” rating in a research report on Tuesday, January 30th. Finally, Raymond James cut their price target on shares of Fortis from C$62.00 to C$59.00 in a research report on Thursday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of C$56.77.

Fortis Stock Performance

TSE FTS opened at C$53.38 on Thursday. Fortis has a 1 year low of C$49.82 and a 1 year high of C$62.00. 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 stock has a market capitalization of C$26.32 billion, a PE ratio of 17.22, a P/E/G ratio of 2.80 and a beta of 0.17. The company’s 50 day simple moving average is C$53.10 and its two-hundred day simple moving average is C$54.18.

Fortis (TSE:FTS) last posted its 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. Fortis had a net margin of 13.66% and a return on equity of 7.41%. The business had revenue of C$2.89 billion for the quarter, compared to analysts’ expectations of C$3.22 billion.

Insider Transactions at Fortis

In other news, Director Brian Slocum bought 1,888 shares of the company’s stock in a transaction dated Tuesday, March 5th. The stock was bought at an average cost of C$39.18 per share, for a total transaction of C$73,971.65. In other Fortis news, Senior Officer Ronald Hinsley sold 972 shares of the firm’s stock in a transaction dated Monday, February 26th. The shares were 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 stock in a transaction on Tuesday, March 5th. The stock was bought at an average price of C$39.18 per share, with a total value of C$73,971.65. Over the last ninety days, insiders bought 2,851 shares of company stock worth $111,115. Company insiders own 0.04% of the company’s stock.

Fortis Announces Dividend

The company also recently announced 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 4.42%. 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.