Raymond James Weighs in on Fortis' FY2024 Earnings (TSE:FTS)

Fortis Inc. (TSE:FTS - Free Report) - Investment analysts at Raymond James upped 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 expects that the company will post earnings of $3.29 per share for the year, up from their prior estimate 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.

A number of other research analysts have also issued reports on the company. JPMorgan Chase & Co. boosted their price objective on Fortis from C$52.00 to C$53.00 in a research report on Thursday, July 25th. BMO Capital Markets boosted their price objective on Fortis from C$59.00 to C$61.00 in a research report on Thursday, September 5th. CIBC boosted their price objective on Fortis from C$57.00 to C$59.00 and gave the company a "neutral" rating in a research report on Thursday, August 1st. 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 report on Thursday, October 3rd. Finally, National Bankshares boosted their price target on Fortis from C$56.00 to C$62.00 and gave the stock a "sector perform" rating in a research report on Friday, August 23rd. Three analysts have rated the stock with a sell rating and six have assigned a hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of C$60.33.

Fortis Stock Performance

TSE:FTS traded up C$0.07 during midday trading on Thursday, reaching C$60.79. 1,972,548 shares of the company traded hands, compared to its average volume of 1,623,788. Fortis has a twelve month low of C$51.02 and a twelve month high of C$62.47. The firm has a market capitalization of C$30.10 billion, a price-to-earnings ratio of 19.06, a price-to-earnings-growth 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 company has a fifty day moving average price of C$60.62 and a 200 day moving average price of C$57.08.

Fortis Increases Dividend

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

Insider Transactions at Fortis

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

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.