FY2024 Earnings Forecast for Fortis Inc. (TSE:FTS) Issued By Raymond James

Fortis Inc. (TSE:FTS) – Equities research analysts at Raymond James boosted their FY2024 EPS estimates for shares of Fortis in a research note issued to investors on Wednesday, May 1st. Raymond James analyst D. Quezada now forecasts that the company will earn $3.21 per share for the year, up from their prior estimate of $3.19. The consensus estimate for Fortis’ current full-year earnings is $3.20 per share. Raymond James also issued estimates for Fortis’ Q4 2024 earnings at $0.85 EPS.

FTS has been the topic of several other reports. Scotiabank cut their price objective on shares of Fortis from C$60.00 to C$56.00 and set a “sector perform” rating on the stock in a research report on Monday, April 22nd. BMO Capital Markets increased their price objective on Fortis from C$58.00 to C$58.50 and gave the stock a “market perform” rating in a report on Thursday, May 2nd. National Bankshares lifted their target price on Fortis from C$52.00 to C$55.00 and gave the company a “sector perform” rating in a research note on Tuesday, January 30th. JPMorgan Chase & Co. decreased their price target on Fortis from C$53.00 to C$50.00 and set an “underweight” rating for the company in a research note on Monday, January 22nd. Finally, CIBC lifted their price objective on shares of Fortis from C$56.00 to C$57.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Fortis has a consensus rating of “Hold” and a consensus price target of C$56.88.

Fortis Price Performance

Shares of FTS opened at C$55.17 on Monday. The stock has a fifty day moving average price of C$53.30 and a 200 day moving average price of C$54.18. The company has a market cap of C$27.20 billion, a P/E ratio of 17.63, a PEG ratio of 2.80 and a beta of 0.18. The company has a debt-to-equity ratio of 128.89, a current ratio of 0.60 and a quick ratio of 0.36. Fortis has a 12 month low of C$49.82 and a 12 month high of C$62.00.

Fortis (TSE:FTS) last posted its quarterly earnings results on Friday, February 9th. The company reported C$0.72 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of C$0.72. Fortis had a net margin of 14.11% and a return on equity of 7.38%. The company had revenue of C$2.89 billion for the quarter, compared to the consensus estimate of C$3.22 billion.

Insider Activity

In other news, Senior Officer Ronald Hinsley sold 972 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of C$38.79, for a total transaction of C$37,706.21. In other news, Director Margarita Dilley bought 960 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were acquired at an average cost of C$38.57 per share, with a total value of C$37,027.20. Also, Senior Officer Ronald Hinsley sold 972 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of C$38.79, for a total transaction of C$37,706.21. In the last quarter, insiders acquired 2,851 shares of company stock worth $111,115. Corporate insiders own 0.04% of the company’s stock.

Fortis Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Saturday, June 1st will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 4.28%. The ex-dividend date of this dividend is Thursday, May 16th. Fortis’s payout ratio is 75.40%.

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.