What is Scotiabank’s Forecast for Fortis FY2024 Earnings?

Fortis Inc. (TSE:FTS) – Equities research analysts at Scotiabank upped their FY2024 earnings per share estimates for shares of Fortis in a research report issued to clients and investors on Wednesday, January 8th. Scotiabank analyst R. Hope now anticipates that the company will post earnings of $3.27 per share for the year, up from their previous forecast of $3.24. The consensus estimate for Fortis’ current full-year earnings is $3.34 per share. Scotiabank also issued estimates for Fortis’ FY2026 earnings at $3.51 EPS.

Other equities research analysts have also issued reports about the stock. CIBC raised their price objective on shares of Fortis from C$63.00 to C$64.00 and gave the company a “neutral” rating in a report on Wednesday. Raymond James downgraded Fortis from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 6th. Bank of America set a C$60.00 price objective on Fortis and gave the company an “underperform” rating in a report on Friday, September 20th. Finally, Royal Bank of Canada boosted their target price 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 research analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of C$60.89.

Fortis Stock Down 2.2 %

FTS stock opened at C$58.92 on Friday. Fortis has a fifty-two week low of C$51.02 and a fifty-two week high of C$63.75. The company’s 50 day moving average price is C$61.07 and its 200 day moving average price is C$59.21. The company has a debt-to-equity ratio of 128.59, a quick ratio of 0.36 and a current ratio of 0.69. The firm has a market capitalization of C$29.18 billion, a price-to-earnings ratio of 18.47, a PEG ratio of 3.01 and a beta of 0.23.

Insider Activity

In related news, Senior Officer Keri Linda Glitch acquired 450 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was bought at an average cost of C$61.41 per share, with a total value of C$27,634.59. Following the transaction, the insider now owns 450 shares of the company’s stock, valued at C$27,634.59. The trade was a ∞ increase in their ownership of the stock. Also, Director Gary Joseph Smith sold 21,716 shares of Fortis stock in a transaction that occurred 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. Corporate insiders own 0.04% of the company’s stock.

Fortis Increases Dividend

The company also recently disclosed 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 dividend on an annualized basis and a yield of 5.63%. This is a boost from Fortis’s previous quarterly dividend of $0.59. Fortis’s payout ratio is currently 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.