National Bank Financial Lowers Earnings Estimates for Fortis

Fortis Inc. (TSE:FTS - Free Report) - Analysts at National Bank Financial decreased their FY2024 earnings per share (EPS) estimates for Fortis in a report issued on Tuesday, November 5th. National Bank Financial analyst P. Kenny now expects that the company will post earnings of $3.07 per share for the year, down from their previous estimate 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 have also weighed in on FTS. BMO Capital Markets raised their price objective on shares of Fortis from C$59.00 to C$61.00 in a research report on Thursday, September 5th. Royal Bank of Canada lifted their price objective on shares of Fortis from C$62.00 to C$65.00 and gave the company a "sector perform" rating in a research note on Thursday, October 3rd. Scotiabank upped their price objective on shares of Fortis from C$56.00 to C$63.00 and gave the stock a "sector perform" rating in a report on Tuesday, August 20th. CIBC upped their price objective on shares of Fortis from C$57.00 to C$59.00 and gave the stock a "neutral" rating in a report on Thursday, August 1st. Finally, JPMorgan Chase & Co. upped their price objective on shares of Fortis from C$52.00 to C$53.00 in a report on Thursday, July 25th. 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 data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of C$60.33.

Fortis Stock Up 0.1 %

Shares of Fortis stock traded up C$0.07 during trading on Thursday, hitting C$60.79. 1,972,548 shares of the stock traded hands, compared to its average volume of 1,623,788. The stock has a market cap of C$30.10 billion, a P/E ratio of 19.06, a PEG ratio of 3.01 and a beta of 0.23. The company has a fifty day moving average price of C$60.62 and a two-hundred day moving average price of C$57.08. Fortis has a twelve month low of C$51.02 and a twelve month high of C$62.47. The company has a debt-to-equity ratio of 128.59, a quick ratio of 0.36 and a current ratio of 0.69.

Insider Buying and Selling at Fortis

In other Fortis news, Senior Officer James Reid sold 19,972 shares of the company's stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of C$59.46, for a total transaction of C$1,187,493.18. Corporate insiders own 0.04% of the company's stock.

Fortis Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Sunday, December 1st will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 5.46%. This is a boost from Fortis's previous quarterly dividend of $0.59. The ex-dividend date is Monday, November 18th. Fortis's dividend payout ratio is 77.12%.

About Fortis

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.