Equities Analysts Issue Forecasts for Fortis Q3 Earnings

Fortis Inc. (TSE:FTS) – Investment analysts at National Bank Financial issued their Q3 2024 earnings per share (EPS) estimates for shares of Fortis in a report issued on Wednesday, October 23rd. National Bank Financial analyst P. Kenny expects that the company will earn $0.82 per share for the quarter. The consensus estimate for Fortis’ current full-year earnings is $3.34 per share.

FTS has been the topic of several other reports. Bank of America set a C$60.00 target price on Fortis and gave the company an “underperform” rating in a research report on Friday, September 20th. Raymond James boosted their price objective on Fortis from C$59.00 to C$61.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. UBS Group upgraded shares of Fortis to a “strong sell” rating in a research note on Tuesday, September 10th. Royal Bank of Canada upped their price target on shares of Fortis from C$62.00 to C$65.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 3rd. Finally, BMO Capital Markets raised their price objective on shares of Fortis from C$59.00 to C$61.00 in a research report on Thursday, September 5th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of C$60.40.

Fortis Price Performance

Fortis has a one year low of C$51.02 and a one year high of C$62.47. The stock’s fifty day simple moving average is C$60.52 and its two-hundred day simple moving average is C$56.66. The company has a quick ratio of 0.36, a current ratio of 0.69 and a debt-to-equity ratio of 128.59. The stock has a market cap of C$30.15 billion, a PE ratio of 19.11, a PEG ratio of 3.01 and a beta of 0.23.

Fortis (TSE:FTS) last posted its quarterly earnings data on Wednesday, July 31st. The company reported C$0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$0.65 by C$0.02. Fortis had a net margin of 14.35% and a return on equity of 7.44%. The company had revenue of C$2.67 billion for the quarter, compared to the consensus estimate of C$2.71 billion.

Insider Buying and Selling

In other Fortis news, Senior Officer James Reid sold 19,972 shares of Fortis stock in a transaction on Friday, August 23rd. The stock was sold at an average price of C$59.46, for a total transaction of C$1,187,493.18. 0.04% of the stock is owned by insiders.

Fortis Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Monday, November 18th will be issued a $0.83 dividend. This is a positive change from Fortis’s previous quarterly dividend of $0.59. The ex-dividend date is Monday, November 18th. This represents a $3.32 dividend on an annualized basis and a dividend yield of ∞. Fortis’s payout ratio is presently 77.12%.

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.