Equities Analysts Issue Forecasts for Fortis FY2024 Earnings

Fortis Inc. (TSE:FTS) – National Bank Financial lifted their FY2024 EPS estimates for shares of Fortis in a report released on Monday, January 6th. National Bank Financial analyst P. Kenny now forecasts that the company will earn $3.22 per share for the year, up from their previous forecast of $3.07. 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 $3.37 EPS, FY2026 earnings at $3.53 EPS and FY2027 earnings at $3.75 EPS.

A number of other analysts also recently issued reports on the company. Bank of America set a C$60.00 price objective on Fortis and gave the stock an “underperform” rating in a research note on Friday, September 20th. Royal Bank of Canada boosted 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. Raymond James lowered shares of Fortis from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th. Finally, CIBC boosted their target price on shares of Fortis from C$63.00 to C$64.00 and gave the stock a “neutral” rating in a report on Wednesday. Three equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat, Fortis currently has a consensus rating of “Hold” and a consensus price target of C$60.89.

Fortis Price Performance

TSE:FTS opened at C$58.92 on Thursday. The business’s 50-day moving average is C$61.07 and its 200 day moving average is C$59.21. Fortis has a 12 month low of C$51.02 and a 12 month high of C$63.75. The company has a market capitalization of C$29.18 billion, a P/E ratio of 18.47, a P/E/G ratio of 3.01 and a beta of 0.23. The company has a current ratio of 0.69, a quick ratio of 0.36 and a debt-to-equity ratio of 128.59.

Fortis Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Investors of record on Sunday, December 1st were paid a dividend of $0.83 per share. The ex-dividend date was Monday, November 18th. This is a boost from Fortis’s previous quarterly dividend of $0.59. This represents a $3.32 dividend on an annualized basis and a dividend yield of 5.63%. Fortis’s payout ratio is currently 77.12%.

Insider Activity at Fortis

In other news, Director Gary Joseph Smith sold 21,716 shares of Fortis stock in a transaction on Friday, November 8th. The stock was sold at an average price of C$61.45, for a total transaction of C$1,334,543.75. Also, Senior Officer Keri Linda Glitch bought 450 shares of the stock in a transaction dated Friday, November 8th. The shares were bought at an average cost of C$61.41 per share, with a total value of C$27,634.59. Following the completion of the purchase, the insider now directly owns 450 shares of the company’s stock, valued at approximately C$27,634.59. This trade represents a ∞ increase in their position. 0.04% of the stock is currently owned by insiders.

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.