Fortis Inc. to Post Q1 2024 Earnings of $0.88 Per Share, Raymond James Forecasts (TSE:FTS)

Fortis Inc. (TSE:FTS) – Analysts at Raymond James reduced their Q1 2024 EPS estimates for Fortis in a note issued to investors on Thursday, April 25th. Raymond James analyst D. Quezada now anticipates that the company will post earnings of $0.88 per share for the quarter, down from their previous estimate of $0.92. The consensus estimate for Fortis’ current full-year earnings is $3.21 per share.

A number of other research firms also recently issued reports on FTS. JPMorgan Chase & Co. decreased their target price 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. National Bankshares boosted their target price on shares of Fortis from C$52.00 to C$55.00 and gave the company a “sector perform” rating in a research report on Tuesday, January 30th. 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 report on Monday, April 22nd. Bank of America boosted their target price on shares of Fortis from C$49.00 to C$50.00 in a research report on Tuesday, January 16th. Finally, BMO Capital Markets decreased their target price on shares of Fortis from C$58.50 to C$58.00 and set a “market perform” rating for the company in a research report on Monday, February 12th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Fortis presently has an average rating of “Hold” and an average target price of C$56.77.

Fortis Trading Up 0.0 %

TSE FTS opened at C$54.06 on Monday. The company has a market capitalization of C$26.65 billion, a PE ratio of 17.44, a P/E/G ratio of 2.80 and a beta of 0.17. The company has a fifty day moving average of C$53.14 and a 200 day moving average of C$54.16. Fortis has a 1 year low of C$49.82 and a 1 year high of C$62.00. The company has a debt-to-equity ratio of 128.76, a current ratio of 0.68 and a quick ratio of 0.36.

Fortis (TSE:FTS) last posted its quarterly earnings data on Friday, February 9th. The company reported C$0.72 EPS for the quarter, hitting the consensus estimate of C$0.72. The business had revenue of C$2.89 billion during the quarter, compared to the consensus estimate of C$3.22 billion. Fortis had a net margin of 13.66% and a return on equity of 7.41%.

Insiders Place Their Bets

In related news, Director Margarita Dilley bought 960 shares of the business’s 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 business’s 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. Also, Director Brian Slocum bought 1,888 shares of the business’s stock in a transaction dated Tuesday, March 5th. The shares were bought at an average cost of C$39.18 per share, with a total value of C$73,971.65. Over the last quarter, insiders bought 2,851 shares of company stock worth $111,115. Company insiders own 0.04% of the company’s stock.

Fortis Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Saturday, June 1st will be given 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 4.37%. Fortis’s dividend payout ratio (DPR) is currently 76.13%.

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.