Fortis Inc. (TSE:FTS) to Post FY2024 Earnings of $3.20 Per Share, National Bank Financial Forecasts

Fortis Inc. (TSE:FTS) – Research analysts at National Bank Financial lowered their FY2024 earnings estimates for shares of Fortis in a report released on Thursday, May 2nd. National Bank Financial analyst P. Kenny now forecasts that the company will post earnings per share of $3.20 for the year, down from their prior estimate of $3.22. The consensus estimate for Fortis’ current full-year earnings is $3.20 per share.

Fortis (TSE:FTS) last released its quarterly earnings data on Friday, February 9th. The company reported C$0.72 EPS for the quarter, meeting the consensus estimate of C$0.72. The company had revenue of C$2.89 billion for the quarter, compared to analyst estimates of C$3.22 billion. Fortis had a return on equity of 7.38% and a net margin of 14.11%.

A number of other research firms have also recently weighed in on FTS. Raymond James decreased their price target on Fortis from C$62.00 to C$59.00 in a report on Thursday, April 25th. Scotiabank decreased their target price on shares of Fortis from C$60.00 to C$56.00 and set a “sector perform” rating for the company in a research note on Monday, April 22nd. BMO Capital Markets lifted 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, May 2nd. Bank of America upped their price objective on shares of Fortis from C$49.00 to C$50.00 in a research report on Tuesday, January 16th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Fortis from C$53.00 to C$50.00 and set an “underweight” rating for the company in a research report on Monday, January 22nd. One analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Fortis has a consensus rating of “Hold” and an average price target of C$56.88.

Fortis Price Performance

FTS stock opened at C$54.77 on Monday. The firm has a market cap of C$27.00 billion, a P/E ratio of 17.50, a price-to-earnings-growth ratio of 2.80 and a beta of 0.18. The company has a debt-to-equity ratio of 128.89, a quick ratio of 0.36 and a current ratio of 0.60. Fortis has a 1 year low of C$49.82 and a 1 year high of C$62.00. The stock has a 50-day simple moving average of C$53.24 and a 200-day simple moving average of C$54.17.

Fortis Announces Dividend

The company also recently declared 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 annualized dividend and a dividend yield of 4.31%. The ex-dividend date is Thursday, May 16th. Fortis’s dividend payout ratio is currently 75.40%.

Insiders Place Their Bets

In related news, Senior Officer Ronald Hinsley sold 972 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of C$38.79, for a total transaction of C$37,706.21. In related news, Senior Officer Ronald Hinsley sold 972 shares of the company’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 Brian Slocum bought 1,888 shares of the business’s stock in a transaction on Tuesday, March 5th. The stock was bought at an average price of C$39.18 per share, for a total transaction of C$73,971.65. Insiders acquired a total of 2,851 shares of company stock valued at $111,115 over the last 90 days. 0.04% of the stock is owned by company 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.