Raymond James Brokers Decrease Earnings Estimates for Fortis

Fortis Inc. (TSE:FTS - Free Report) - Analysts at Raymond James lowered their FY2024 earnings estimates for Fortis in a research report issued to clients and investors on Thursday, January 30th. Raymond James analyst T. Genzebu now expects that the company will earn $3.28 per share for the year, down from their previous forecast 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.

Fortis (TSE:FTS - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The company reported C$0.85 EPS for the quarter, beating 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 period last year, the business earned $0.84 EPS.

Separately, CIBC raised their price target on Fortis from C$63.00 to C$64.00 and gave the company a "neutral" rating in a research report on Wednesday, January 8th. Two investment analysts have rated the stock with a sell rating and six have given a hold rating to the company. Based on data from MarketBeat, Fortis presently has an average rating of "Hold" and an average target price of C$60.89.

Fortis Stock Performance

FTS traded down C$0.01 during trading on Monday, hitting C$62.33. The stock had a trading volume of 1,713,740 shares, compared to its average volume of 1,501,425. The firm has a market cap of C$30.87 billion, a PE ratio of 19.54, a P/E/G ratio of 3.01 and a beta of 0.23. The company has a current ratio of 0.69, a quick ratio of 0.36 and a debt-to-equity ratio of 128.59. Fortis has a 12 month low of C$51.02 and a 12 month high of C$63.75. The company has a 50 day simple moving average of C$60.74 and a 200-day simple moving average of C$60.19.

Insider Buying and Selling at Fortis

In other Fortis news, Director Gary Joseph Smith sold 21,716 shares of Fortis stock in a transaction on 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 business's stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of C$63.19, for a total transaction of C$746,178.83. Company insiders own 0.04% of the company's stock.

Fortis Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Saturday, March 1st will be paid a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a yield of 3.95%. The ex-dividend date of this dividend is Tuesday, February 18th. Fortis's dividend payout ratio is 77.12%.

About Fortis

Fortis owns and operates 10 utility transmission and distribution assets in Canada and the United States, serving more than 3.4 million electricity and gas customers. The company has smaller stakes in electricity generation and several Caribbean utilities. ITC operates electric transmission in seven U.S.