Scotiabank Analysts Increase Earnings Estimates for Fortis

Fortis Inc. (TSE:FTS) – Scotiabank increased their FY2025 EPS estimates for shares of Fortis in a note issued to investors on Wednesday, January 8th. Scotiabank analyst R. Hope now expects that the company will earn $3.35 per share for the year, up from their prior estimate of $3.34. The consensus estimate for Fortis’ current full-year earnings is $3.34 per share.

Several other equities research analysts have also recently commented on the company. CIBC raised their target price on Fortis from C$63.00 to C$64.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 8th. Royal Bank of Canada raised their price objective on shares of Fortis from C$62.00 to C$65.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 3rd. Raymond James downgraded shares of Fortis from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th. Finally, Bank of America set a C$60.00 price target on shares of Fortis and gave the stock an “underperform” rating in a report on Friday, September 20th. Three investment analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to MarketBeat.com, Fortis currently has an average rating of “Hold” and a consensus target price of C$60.89.

Fortis Stock Down 2.2 %

Shares of TSE FTS opened at C$58.92 on Monday. The company’s 50 day moving average price is C$61.07 and its 200-day moving average price is C$59.25. The company has a debt-to-equity ratio of 128.59, a quick ratio of 0.36 and a current ratio of 0.69. Fortis has a 52-week low of C$51.02 and a 52-week high of C$63.75. The company has a market capitalization of C$29.18 billion, a P/E ratio of 18.47, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23.

Fortis Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Sunday, December 1st were paid a $0.83 dividend. The ex-dividend date of this dividend was Monday, November 18th. This represents a $3.32 annualized dividend and a yield of 5.63%. This is a positive change from Fortis’s previous quarterly dividend of $0.59. Fortis’s dividend payout ratio is currently 77.12%.

Insider Buying and Selling at Fortis

In other Fortis news, Director Gary Joseph Smith sold 21,716 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of C$61.45, for a total value of C$1,334,543.75. Also, Senior Officer Jocelyn Perry sold 11,809 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of C$63.19, for a total value of C$746,178.83. Company 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.