Raymond James Equities Analysts Cut Earnings Estimates for Fortis Inc. (TSE:FTS)

Fortis Inc. (TSE:FTS) – Stock analysts at Raymond James decreased their Q3 2024 earnings per share estimates for Fortis in a research note issued on Thursday, April 25th. Raymond James analyst D. Quezada now expects that the company will post earnings of $0.79 per share for the quarter, down from their prior estimate of $0.80. 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, FY2024 earnings at $3.19 EPS, Q1 2025 earnings at $0.94 EPS, Q2 2025 earnings at $0.68 EPS, Q3 2025 earnings at $0.84 EPS, Q4 2025 earnings at $0.88 EPS and FY2025 earnings at $3.34 EPS.

Several other brokerages also recently weighed in on FTS. Bank of America upped their target price on Fortis from C$49.00 to C$50.00 in a research note on Tuesday, January 16th. JPMorgan Chase & Co. reduced their target price on Fortis from C$53.00 to C$50.00 and set an “underweight” rating for the company in a research note on Monday, January 22nd. National Bankshares upped their target price on Fortis from C$52.00 to C$55.00 and gave the stock a “sector perform” rating in a research note on Tuesday, January 30th. Scotiabank reduced their target price on 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. Finally, CIBC dropped their price target on Fortis from C$59.00 to C$56.00 and set a “neutral” rating for the company in a research report on Friday, April 19th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Fortis currently has a consensus rating of “Hold” and a consensus target price of C$56.77.

Fortis Trading Down 0.6 %

Shares of TSE:FTS opened at C$53.38 on Friday. Fortis has a 12-month low of C$49.82 and a 12-month high of C$62.00. The company has a market capitalization of C$26.32 billion, a PE ratio of 17.22, a PEG ratio of 2.80 and a beta of 0.17. The business has a 50 day moving average of C$53.10 and a two-hundred day moving average of C$54.18. The company has a current ratio of 0.68, a quick ratio of 0.36 and a debt-to-equity ratio of 128.76.

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

Fortis Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Friday, May 17th will be issued a $0.59 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.42%. Fortis’s dividend payout ratio (DPR) is 76.13%.

Insider Activity

In other Fortis news, Director Margarita Dilley acquired 960 shares of the stock in a transaction dated Thursday, February 29th. The stock was acquired at an average price of C$38.57 per share, with a total value of C$37,027.20. In related news, Director Margarita Dilley bought 960 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was bought at an average price of C$38.57 per share, with a total value of C$37,027.20. Also, Director Brian Slocum bought 1,888 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was bought at an average cost of C$39.18 per share, with a total value of C$73,971.65. Insiders acquired a total of 2,851 shares of company stock valued at $111,115 over the last quarter. Company 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.