National Bank Financial Weighs in on Fortis Inc.’s Q2 2024 Earnings (TSE:FTS)

Fortis Inc. (TSE:FTS) – Analysts at National Bank Financial issued their Q2 2024 earnings estimates for Fortis in a research note issued to investors on Wednesday, July 24th. National Bank Financial analyst P. Kenny expects that the company will earn $0.65 per share for the quarter. The consensus estimate for Fortis’ current full-year earnings is $3.21 per share.

Other equities analysts have also recently issued research reports about the stock. Wells Fargo & Company raised their target price on shares of Fortis from C$56.00 to C$59.00 in a research note on Wednesday, May 8th. CIBC upped their price objective on Fortis from C$56.00 to C$57.00 and gave the company a “neutral” rating in a report on Thursday, May 2nd. JPMorgan Chase & Co. upped their price target on shares of Fortis from C$52.00 to C$53.00 in a report on Thursday. BMO Capital Markets increased their price objective on Fortis from C$58.00 to C$58.50 and gave the company a “market perform” rating in a research report on Thursday, May 2nd. Finally, Scotiabank reduced their price objective 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. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, Fortis currently has a consensus rating of “Hold” and an average price target of C$57.63.

Fortis Stock Up 0.8 %

FTS stock opened at C$56.73 on Friday. The firm has a market cap of C$27.97 billion, a price-to-earnings ratio of 18.12, a PEG ratio of 2.80 and a beta of 0.18. Fortis has a 1-year low of C$49.82 and a 1-year high of C$57.73. The firm has a fifty day moving average price of C$54.29 and a two-hundred day moving average price of C$53.87. The company has a debt-to-equity ratio of 128.89, a current ratio of 0.60 and a quick ratio of 0.36.

Fortis (TSE:FTS) last announced its earnings results on Wednesday, May 1st. The company reported C$0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$0.89 by C$0.04. Fortis had a net margin of 14.11% and a return on equity of 7.38%. The firm had revenue of C$3.12 billion for the quarter, compared to analyst estimates of C$3.34 billion.

Insider Buying and Selling

In other Fortis news, Senior Officer James Reid acquired 700 shares of Fortis stock in a transaction that occurred on Wednesday, June 19th. The shares were acquired at an average cost of C$52.37 per share, with a total value of C$36,659.00. 0.04% of the stock is currently owned by company insiders.

Fortis Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Saturday, June 1st. Investors of record on Saturday, June 1st were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 4.16%. The ex-dividend date of this dividend was Thursday, May 16th. Fortis’s dividend payout ratio (DPR) is presently 75.40%.

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.