Research Analysts Issue Forecasts for Fortis FY2024 Earnings

Fortis Inc. (TSE:FTS) – Raymond James increased their FY2024 earnings per share (EPS) estimates for Fortis in a research note issued to investors on Tuesday, November 5th. Raymond James analyst D. Quezada now expects that the company will earn $3.29 per share for the year, up from their prior estimate of $3.24. Raymond James has a “Market Perform” rating on the stock. The consensus estimate for Fortis’ current full-year earnings is $3.34 per share. Raymond James also issued estimates for Fortis’ Q2 2025 earnings at $0.65 EPS and Q3 2025 earnings at $0.84 EPS.

A number of other equities research analysts have also recently commented on the stock. Royal Bank of Canada raised their target price on shares of Fortis from C$62.00 to C$65.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 3rd. BMO Capital Markets lifted their target price on shares of Fortis from C$59.00 to C$61.00 in a research note on Thursday, September 5th. Bank of America set a C$60.00 price target on Fortis and gave the stock an “underperform” rating in a research note on Friday, September 20th. National Bankshares boosted their price objective on Fortis from C$56.00 to C$62.00 and gave the company a “sector perform” rating in a research report on Friday, August 23rd. Finally, JPMorgan Chase & Co. lifted their target price on Fortis from C$52.00 to C$53.00 in a research note on Thursday, July 25th. Three analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of C$60.33.

Fortis Stock Down 0.4 %

FTS stock opened at C$60.72 on Thursday. The business’s 50-day moving average price is C$60.62 and its 200-day moving average price is C$57.08. The stock has a market cap of C$30.07 billion, a P/E ratio of 19.03, a PEG ratio of 3.01 and a beta of 0.23. The company has a quick ratio of 0.36, a current ratio of 0.69 and a debt-to-equity ratio of 128.59. Fortis has a twelve month low of C$51.02 and a twelve month high of C$62.47.

Fortis Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Sunday, December 1st will be issued a $0.83 dividend. The ex-dividend date is Monday, November 18th. This is an increase from Fortis’s previous quarterly dividend of $0.59. This represents a $3.32 dividend on an annualized basis and a dividend yield of 5.47%. Fortis’s dividend payout ratio (DPR) is currently 77.12%.

Insider Transactions at Fortis

In related news, Senior Officer James Reid sold 19,972 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of C$59.46, for a total transaction of C$1,187,493.18. Insiders own 0.04% of the company’s stock.

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.