Q2 2024 Earnings Estimate for Fortis Inc. (TSE:FTS) Issued By Raymond James

Fortis Inc. (TSE:FTS) – Investment analysts at Raymond James decreased their Q2 2024 earnings estimates for shares of Fortis in a research note issued to investors on Wednesday, May 1st. Raymond James analyst D. Quezada now anticipates that the company will earn $0.64 per share for the quarter, down from their prior forecast 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 announced its quarterly earnings results on Friday, February 9th. The company reported C$0.72 earnings per share (EPS) for the quarter, hitting the consensus estimate of C$0.72. The company had revenue of C$2.89 billion during the quarter, compared to the consensus estimate of C$3.22 billion. Fortis had a return on equity of 7.41% and a net margin of 13.66%.

A number of other research analysts have also weighed in on FTS. BMO Capital Markets lifted 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 note on Thursday. CIBC boosted 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 report on Thursday. 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. Bank of America boosted their price objective on shares of Fortis from C$49.00 to C$50.00 in a research report on Tuesday, January 16th. Finally, JPMorgan Chase & Co. cut their price objective 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. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of C$56.88.

Fortis Price Performance

Shares of FTS opened at C$54.59 on Friday. The stock has a 50 day simple moving average of C$53.16 and a 200 day simple moving average of C$54.17. Fortis has a 52-week low of C$49.82 and a 52-week high of C$62.00. The company has a debt-to-equity ratio of 128.76, a quick ratio of 0.36 and a current ratio of 0.68. The firm has a market capitalization of C$26.91 billion, a PE ratio of 17.61, a P/E/G ratio of 2.80 and a beta of 0.17.

Fortis Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Saturday, June 1st will be paid a $0.59 dividend. 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 is presently 76.13%.

Insider Buying and Selling

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