Brokers Issue Forecasts for Fortis Inc.’s FY2024 Earnings (TSE:FTS)

Fortis Inc. (TSE:FTS) – Equities research analysts at National Bank Financial decreased their FY2024 EPS estimates for Fortis in a research report issued on Thursday, May 2nd. National Bank Financial analyst P. Kenny now expects that the company will earn $3.20 per share for the year, down from their prior estimate of $3.22. The consensus estimate for Fortis’ current full-year earnings is $3.21 per share.

A number of other brokerages also recently weighed in on FTS. Scotiabank lowered 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. JPMorgan Chase & Co. cut their target price on shares of Fortis from C$53.00 to C$50.00 and set an “underweight” rating on the stock in a research report on Monday, January 22nd. BMO Capital Markets upped their price target on shares of Fortis from C$58.00 to C$58.50 and gave the company a “market perform” rating in a research report on Thursday. Bank of America upped their price objective on shares of Fortis from C$49.00 to C$50.00 in a report on Tuesday, January 16th. Finally, CIBC increased their price target on Fortis from C$56.00 to C$57.00 and gave the stock a “neutral” rating 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 company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of C$56.88.

Fortis Stock Up 0.4 %

Fortis stock opened at C$54.59 on Monday. The company has a 50 day moving average of C$53.19 and a 200-day moving average of C$54.16. The stock has a market capitalization 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 company has a quick ratio of 0.36, a current ratio of 0.68 and a debt-to-equity ratio of 128.76. Fortis has a twelve month low of C$49.82 and a twelve month high of C$62.00.

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

Insider Activity at Fortis

In other Fortis news, Director Brian Slocum acquired 1,888 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were acquired at an average price of C$39.18 per share, with a total value of C$73,971.65. In other news, Director Margarita Dilley acquired 960 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was purchased at an average cost of C$38.57 per share, for a total transaction of C$37,027.20. Also, Director Brian Slocum bought 1,888 shares of Fortis stock in a transaction that occurred on Tuesday, March 5th. The shares were acquired at an average cost of C$39.18 per share, for a total transaction of C$73,971.65. Over the last three months, insiders acquired 2,851 shares of company stock valued at $111,115. 0.04% of the stock is owned by insiders.

Fortis Dividend Announcement

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