Equities Analysts Issue Forecasts for Fortis FY2024 Earnings

Fortis Inc. (TSE:FTS) – Equities research analysts at Raymond James lifted their FY2024 earnings per share (EPS) estimates for shares of Fortis in a report issued on Tuesday, November 5th. Raymond James analyst D. Quezada now forecasts that the company will post earnings per share of $3.29 for the year, up from their prior forecast of $3.24. Raymond James currently 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.

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

Fortis Stock Up 0.1 %

Shares of Fortis stock opened at C$60.79 on Thursday. Fortis has a 1 year low of C$51.02 and a 1 year high of C$62.47. The company has a debt-to-equity ratio of 128.59, a current ratio of 0.69 and a quick ratio of 0.36. The company has a 50-day moving average of C$60.62 and a 200 day moving average of C$57.08. The firm has a market cap of C$30.10 billion, a price-to-earnings ratio of 19.06, a PEG ratio of 3.01 and a beta of 0.23.

Insider Activity at Fortis

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

Fortis Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Sunday, December 1st will be given a dividend of $0.83 per share. 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 annualized dividend and a yield of 5.46%. Fortis’s payout ratio is 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.