Analysts Set Expectations for Fortis Inc.’s Q3 2024 Earnings (TSE:FTS)

Fortis Inc. (TSE:FTS) – Stock analysts at Raymond James decreased their Q3 2024 earnings per share (EPS) estimates for Fortis in a research note issued on Wednesday, July 31st. Raymond James analyst D. Quezada now expects that the company will earn $0.77 per share for the quarter, down from their prior forecast of $0.78. Raymond James has a “Outperform” rating and a $61.00 price objective on the stock. The consensus estimate for Fortis’ current full-year earnings is $3.21 per share. Raymond James also issued estimates for Fortis’ Q4 2024 earnings at $0.86 EPS and FY2025 earnings at $3.32 EPS.

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

A number of other analysts have also commented on FTS. JPMorgan Chase & Co. lifted their price objective on Fortis from C$52.00 to C$53.00 in a research report on Thursday, July 25th. Wells Fargo & Company raised their target price on Fortis from C$56.00 to C$59.00 in a report on Wednesday, May 8th. CIBC raised their target price on Fortis from C$57.00 to C$59.00 and gave the stock a “neutral” rating in a report on Thursday. BMO Capital Markets raised their target price on Fortis from C$58.50 to C$59.00 in a report on Thursday. Finally, Scotiabank reduced their target price 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. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of C$58.17.

Fortis Stock Performance

Shares of TSE:FTS opened at C$59.01 on Friday. Fortis has a twelve month low of C$49.82 and a twelve month high of C$59.15. The firm has a market cap of C$29.09 billion, a PE ratio of 18.85, 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. The business has a fifty day moving average of C$54.55 and a 200-day moving average of C$53.95.

Fortis Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Tuesday, August 20th will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 4.00%. The ex-dividend date of this dividend is Tuesday, August 20th. Fortis’s payout ratio is 75.40%.

Insiders Place Their Bets

In other Fortis news, Senior Officer James Reid bought 700 shares of the firm’s 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. 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.