Equities Analysts Set Expectations for Fortis Inc.’s Q1 2024 Earnings (TSE:FTS)

Fortis Inc. (TSE:FTS) – Analysts at National Bank Financial issued their Q1 2024 earnings per share estimates for shares of Fortis in a research report issued on Tuesday, April 23rd. National Bank Financial analyst P. Kenny forecasts that the company will earn $0.91 per share for the quarter. The consensus estimate for Fortis’ current full-year earnings is $3.21 per share.

Several other research analysts also recently issued reports on FTS. BMO Capital Markets reduced their price objective on Fortis from C$58.50 to C$58.00 and set a “market perform” rating on the stock in a report on Monday, February 12th. CIBC reduced their price objective on Fortis from C$59.00 to C$56.00 and set a “neutral” rating on the stock in a report on Friday, April 19th. Scotiabank reduced their price objective on Fortis from C$60.00 to C$56.00 and set a “sector perform” rating on the stock in a report on Monday, April 22nd. National Bankshares upped their price objective on Fortis from C$52.00 to C$55.00 and gave the stock a “sector perform” rating in a report on Tuesday, January 30th. Finally, JPMorgan Chase & Co. cut their price target 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. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Fortis presently has an average rating of “Hold” and a consensus price target of C$56.77.

Fortis Stock Down 0.6 %

TSE:FTS opened at C$53.38 on Thursday. The stock’s fifty day moving average price is C$53.10 and its two-hundred day moving average price is C$54.18. 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 company has a market cap of C$26.32 billion, a price-to-earnings ratio of 17.22, a P/E/G ratio of 2.80 and a beta of 0.17.

Fortis (TSE:FTS) last released its quarterly earnings results on Friday, February 9th. The company reported C$0.72 EPS for the quarter, hitting analysts’ consensus estimates of C$0.72. Fortis had a return on equity of 7.41% and a net margin of 13.66%. The business had revenue of C$2.89 billion for the quarter, compared to analyst estimates of C$3.22 billion.

Insider Buying and Selling

In other Fortis news, Director Margarita Dilley acquired 960 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were acquired at an average price of C$38.57 per share, with a total value of C$37,027.20. In related news, Senior Officer Ronald Hinsley sold 972 shares of the firm’s stock in a transaction on 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 Margarita Dilley bought 960 shares of the stock in a transaction on Thursday, February 29th. The shares were purchased at an average price of C$38.57 per share, with a total value of C$37,027.20. In the last quarter, insiders have acquired 2,851 shares of company stock valued at $111,115. 0.04% of the stock is owned by company insiders.

Fortis Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Friday, May 17th will be paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 4.42%. The ex-dividend date is Thursday, May 16th. Fortis’s payout ratio is presently 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.