Raymond James Equities Analysts Cut Earnings Estimates for Fortis Inc. (TSE:FTS)

Fortis Inc. (TSE:FTS) – Stock analysts at Raymond James reduced their Q3 2024 EPS estimates for shares of Fortis in a research report issued on Thursday, April 25th. Raymond James analyst D. Quezada now expects that the company will post earnings of $0.79 per share for the quarter, down from their previous estimate of $0.80. The consensus estimate for Fortis’ current full-year earnings is $3.21 per share. Raymond James also issued estimates for Fortis’ Q4 2024 earnings at $0.86 EPS, FY2024 earnings at $3.19 EPS, Q1 2025 earnings at $0.94 EPS, Q2 2025 earnings at $0.68 EPS, Q3 2025 earnings at $0.84 EPS, Q4 2025 earnings at $0.88 EPS and FY2025 earnings at $3.34 EPS.

A number of other equities analysts also recently commented on the stock. BMO Capital Markets reduced their price objective on shares of Fortis from C$58.50 to C$58.00 and set a “market perform” rating for the company in a research note on Monday, February 12th. 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 research note on Monday, April 22nd. JPMorgan Chase & Co. reduced their price objective on shares of 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. CIBC reduced their price objective on shares of Fortis from C$59.00 to C$56.00 and set a “neutral” rating for the company in a research note on Friday, April 19th. Finally, Bank of America raised their target price on shares of Fortis from C$49.00 to C$50.00 in a research note on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of C$56.77.

Fortis Price Performance

Shares of TSE FTS opened at C$53.38 on Friday. The firm has a market cap of C$26.32 billion, a PE ratio of 17.22, a PEG ratio of 2.80 and a beta of 0.17. 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 has a 1-year low of C$49.82 and a 1-year high of C$62.00. The company has a fifty day moving average price of C$53.10 and a 200 day moving average price of C$54.18.

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. The business had revenue of C$2.89 billion during the quarter, compared to analysts’ expectations of C$3.22 billion. Fortis had a net margin of 13.66% and a return on equity of 7.41%.

Fortis Dividend Announcement

The firm also recently declared 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 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 (DPR) is presently 76.13%.

Insider Transactions at Fortis

In related news, Senior Officer Ronald Hinsley sold 972 shares of Fortis stock in a transaction 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 related news, Director Brian Slocum purchased 1,888 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was purchased at an average cost of C$39.18 per share, with a total value of C$73,971.65. Also, Senior Officer Ronald Hinsley sold 972 shares of Fortis stock in a transaction 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. Over the last 90 days, insiders have acquired 2,851 shares of company stock worth $111,115. Company 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.