Raymond James Has Pessimistic View of Fortis FY2024 Earnings

Fortis Inc. (TSE:FTS) – Stock analysts at Raymond James lowered their FY2024 EPS estimates for shares of Fortis in a report issued on Thursday, January 30th. Raymond James analyst T. Genzebu now anticipates that the company will post earnings per share of $3.28 for the year, down from their previous estimate of $3.29. 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’ Q4 2025 earnings at $0.91 EPS.

Separately, CIBC increased their price objective on Fortis from C$63.00 to C$64.00 and gave the company a “neutral” rating in a research note on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. Based on data from MarketBeat.com, Fortis currently has a consensus rating of “Hold” and an average target price of C$60.89.

Fortis Stock Performance

Fortis stock opened at C$61.90 on Monday. Fortis has a fifty-two week low of C$51.02 and a fifty-two week high of C$63.75. The company has a market capitalization of C$30.65 billion, a price-to-earnings ratio of 19.40, a PEG ratio of 3.01 and a beta of 0.23. The stock has a fifty day moving average of C$60.80 and a two-hundred day moving average of C$59.98. 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 (TSE:FTS) last issued its quarterly earnings data on Tuesday, November 5th. The company reported C$0.85 earnings per share for the quarter, topping analysts’ consensus estimates of C$0.81 by C$0.04. Fortis had a net margin of 14.35% and a return on equity of 7.44%. During the same quarter in the previous year, the business posted $0.84 earnings per share.

Insider Activity at Fortis

In other news, Director Gary Joseph Smith sold 21,716 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of C$61.45, for a total transaction of C$1,334,543.75. Also, Senior Officer Jocelyn Perry sold 11,809 shares of the stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of C$63.19, for a total transaction of C$746,178.83. 0.04% of the stock is owned by insiders.

Fortis Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Saturday, March 1st will be given a $0.615 dividend. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $2.46 annualized dividend and a dividend yield of 3.97%. Fortis’s dividend payout ratio is presently 77.12%.

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.