Raymond James Research Analysts Raise Earnings Estimates for Fortis Inc. (TSE:FTS)

Fortis Inc. (TSE:FTS) – Equities researchers at Raymond James boosted their FY2024 earnings per share estimates for Fortis in a research report issued 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 $3.21 per share. Raymond James also issued estimates for Fortis’ Q4 2024 earnings at $0.85 EPS.

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

Several other equities analysts also recently weighed in on FTS. National Bankshares lifted their price target on shares of Fortis from C$52.00 to C$55.00 and gave the company a “sector perform” rating in a report on Tuesday, January 30th. Bank of America lifted their price objective on shares of Fortis from C$49.00 to C$50.00 in a research note on Tuesday, January 16th. JPMorgan Chase & Co. cut their target price on Fortis from C$53.00 to C$50.00 and set an “underweight” rating on the stock in a research note on Monday, January 22nd. BMO Capital Markets raised their price target on shares of Fortis from C$58.00 to C$58.50 and gave the stock a “market perform” rating in a research note on Thursday. Finally, 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. One analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of C$56.88.

Fortis Stock Performance

TSE:FTS opened at C$54.59 on Monday. 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. The stock has a 50-day simple moving average of C$53.19 and a two-hundred day simple moving average of C$54.16.

Insider Buying and Selling at Fortis

In other news, Director Brian Slocum purchased 1,888 shares of the stock in a transaction dated 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. In other news, Senior Officer Ronald Hinsley sold 972 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of C$38.79, for a total transaction of C$37,706.21. Also, Director Brian Slocum purchased 1,888 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were bought at an average price of C$39.18 per share, for a total transaction of C$73,971.65. Insiders have purchased 2,851 shares of company stock worth $111,115 over the last quarter. Insiders own 0.04% of the company’s stock.

Fortis Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Saturday, June 1st will be given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 4.32%. The ex-dividend date is Thursday, May 16th. Fortis’s payout ratio is currently 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.