National Bank Financial Weighs in on Fortis FY2024 Earnings

Fortis Inc. (TSE:FTS) – Stock analysts at National Bank Financial reduced their FY2024 earnings per share (EPS) estimates for shares of Fortis in a research report issued on Tuesday, November 5th. National Bank Financial analyst P. Kenny now forecasts that the company will post earnings of $3.07 per share for the year, down from their previous forecast of $3.16. The consensus estimate for Fortis’ current full-year earnings is $3.34 per share. National Bank Financial also issued estimates for Fortis’ FY2025 earnings at $3.40 EPS.

Several other equities analysts also recently issued reports on the stock. CIBC increased their price objective on shares of Fortis from C$57.00 to C$59.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Bank of America set a C$60.00 price target on shares of Fortis and gave the stock an “underperform” rating in a research report on Friday, September 20th. Raymond James cut Fortis from an “outperform” rating to a “market perform” rating in a report on Wednesday. UBS Group raised Fortis to a “strong sell” rating in a report on Tuesday, September 10th. Finally, BMO Capital Markets raised their target price on Fortis from C$59.00 to C$61.00 in a research report on Thursday, September 5th. Three 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, the stock presently has an average rating of “Hold” and a consensus target price of C$60.33.

Fortis Trading Up 1.1 %

Shares of FTS stock opened at C$61.47 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 market cap of C$30.44 billion, a price-to-earnings ratio of 19.27, a PEG ratio of 3.01 and a beta of 0.23. 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 stock has a 50 day simple moving average of C$60.69 and a 200-day simple moving average of C$57.14.

Insiders Place Their Bets

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

Fortis Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Sunday, December 1st will be paid a dividend of $0.83 per share. This is a boost from Fortis’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Monday, November 18th. This represents a $3.32 annualized dividend and a yield of 5.40%. Fortis’s dividend payout ratio (DPR) 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.