Fortis Inc. to Post Q2 2024 Earnings of $0.64 Per Share, Raymond James Forecasts (TSE:FTS)

Fortis Inc. (TSE:FTS) – Raymond James lowered their Q2 2024 earnings per share estimates for Fortis in a research report issued on Wednesday, May 1st. Raymond James analyst D. Quezada now expects that the company will post earnings per share of $0.64 for the quarter, down from their prior estimate of $0.65. The consensus estimate for Fortis’ current full-year earnings is $3.21 per share. Raymond James also issued estimates for Fortis’ Q3 2024 earnings at $0.78 EPS, Q1 2025 earnings at $0.93 EPS, Q3 2025 earnings at $0.83 EPS, Q4 2025 earnings at $0.87 EPS and FY2025 earnings at $3.31 EPS.

Fortis (TSE:FTS) last issued its quarterly earnings data on Friday, February 9th. The company reported C$0.72 earnings per share for the quarter, meeting 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 for the quarter, compared to the consensus estimate of C$3.22 billion.

Other analysts have also recently issued reports about the company. National Bankshares raised their target price on 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. Bank of America raised their price target on Fortis from C$49.00 to C$50.00 in a report on Tuesday, January 16th. Scotiabank reduced 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, April 22nd. JPMorgan Chase & Co. decreased their target price 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. Finally, CIBC boosted their price target on shares of Fortis from C$56.00 to C$57.00 and gave the stock a “neutral” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Fortis has a consensus rating of “Hold” and a consensus price target of C$56.88.

Fortis Stock Performance

FTS opened at C$54.59 on Friday. Fortis has a twelve month low of C$49.82 and a twelve month high of C$62.00. The stock has a market cap of C$26.91 billion, a PE ratio of 17.61, a price-to-earnings-growth ratio of 2.80 and a beta of 0.17. The business’s 50 day moving average is C$53.16 and its 200-day moving average is C$54.17. The company has a current ratio of 0.68, a quick ratio of 0.36 and a debt-to-equity ratio of 128.76.

Fortis Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Saturday, June 1st will be given a dividend of $0.59 per share. The ex-dividend date is Thursday, May 16th. This represents a $2.36 annualized dividend and a dividend yield of 4.32%. Fortis’s dividend payout ratio (DPR) is 76.13%.

Insider Transactions at Fortis

In other Fortis news, Director Margarita Dilley bought 960 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was acquired at an average cost of C$38.57 per share, with a total value of C$37,027.20. In related news, Director Margarita Dilley purchased 960 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was acquired at an average price of C$38.57 per share, for a total transaction of C$37,027.20. Also, Director Brian Slocum purchased 1,888 shares of the company’s stock in a transaction that occurred on 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. Insiders have acquired 2,851 shares of company stock valued at $111,115 in the last quarter. 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.