Fortis Inc. (TSE:FTS – Free Report) – Stock analysts at National Bank Financial cut their FY2024 earnings estimates for shares of Fortis in a research note issued to investors on Tuesday, November 5th. National Bank Financial analyst P. Kenny now expects that the company will post earnings per share of $3.07 for the year, down from their prior estimate of $3.16. The consensus estimate for Fortis’ current full-year earnings is $3.34 per share. National Bank Financial also issued estimates for Fortis’ FY2025 earnings at $3.40 EPS.
A number of other research analysts also recently issued reports on the company. CIBC lifted their price target on Fortis from C$57.00 to C$59.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Bank of America set a C$60.00 target price on Fortis and gave the company an “underperform” rating in a research note on Friday, September 20th. Scotiabank increased their price target on shares of Fortis from C$56.00 to C$63.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 20th. UBS Group upgraded shares of Fortis to a “strong sell” rating in a report on Tuesday, September 10th. Finally, BMO Capital Markets boosted their price objective on shares of Fortis from C$59.00 to C$61.00 in a research note on Thursday, September 5th. Three research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of C$60.33.
Fortis Stock Performance
Shares of FTS stock opened at C$61.47 on Thursday. The firm has a market cap of C$30.44 billion, a price-to-earnings ratio of 19.27, a PEG ratio of 3.01 and a beta of 0.23. Fortis has a 52-week low of C$51.02 and a 52-week high of C$62.47. 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 company’s 50 day moving average is C$60.69 and its 200 day moving average is C$57.14.
Fortis Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Sunday, December 1st will be paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 5.40%. This is a boost from Fortis’s previous quarterly dividend of $0.59. The ex-dividend date is Monday, November 18th. Fortis’s payout ratio is presently 77.12%.
Insider Activity
In related news, Senior Officer James Reid sold 19,972 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of C$59.46, for a total transaction of C$1,187,493.18. 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.
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