Fortis Inc. (TSE:FTS) Forecasted to Post Q1 2024 Earnings of $0.91 Per Share

Fortis Inc. (TSE:FTS) – Analysts at National Bank Financial issued their Q1 2024 earnings estimates for shares of Fortis in a report issued on Tuesday, April 23rd. National Bank Financial analyst P. Kenny expects that the company will post earnings per share of $0.91 for the quarter. The consensus estimate for Fortis’ current full-year earnings is $3.21 per share.

Fortis (TSE:FTS) last posted 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 company had revenue of C$2.89 billion during the quarter, compared to analyst estimates of C$3.22 billion.

FTS has been the subject of several other reports. National Bankshares raised their target price on shares of Fortis from C$52.00 to C$55.00 and gave the stock a “sector perform” rating in a report on Tuesday, January 30th. Raymond James reduced their price target on shares of Fortis from C$62.00 to C$59.00 in a research report on Thursday. CIBC reduced their price target on shares of Fortis from C$59.00 to C$56.00 and set a “neutral” rating for the company in a research report on Friday, April 19th. BMO Capital Markets reduced their price target on shares of Fortis from C$58.50 to C$58.00 and set a “market perform” rating for the company in a research report on Monday, February 12th. Finally, 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. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of C$56.77.

Fortis Stock Performance

Shares of FTS opened at C$53.72 on Thursday. Fortis has a one year low of C$49.82 and a one year high of C$62.00. The company has a 50-day moving average of C$53.10 and a two-hundred day moving average of C$54.18. The stock has a market cap of C$26.48 billion, a price-to-earnings ratio of 17.33, a PEG ratio of 2.80 and a beta of 0.17. The company has a debt-to-equity ratio of 128.76, a current ratio of 0.68 and a quick ratio of 0.36.

Insider Activity

In other news, Director Brian Slocum purchased 1,888 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were bought at an average price of C$39.18 per share, with a total value of C$73,971.65. In related news, Director Margarita Dilley acquired 960 shares of the stock in a transaction dated Thursday, February 29th. The shares were acquired at an average price of C$38.57 per share, for a total transaction of C$37,027.20. Also, Director Brian Slocum acquired 1,888 shares of the stock in a transaction dated Tuesday, March 5th. The stock was bought at an average price of C$39.18 per share, for a total transaction of C$73,971.65. Insiders have bought a total of 2,851 shares of company stock valued at $111,115 over the last 90 days. 0.04% of the stock is currently owned by company insiders.

Fortis Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Friday, May 17th will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 4.39%. The ex-dividend date is Thursday, May 16th. Fortis’s 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.