Brokers Issue Forecasts for Fortis Q3 Earnings

Fortis Inc. (TSE:FTS - Free Report) - Analysts at National Bank Financial issued their Q3 2024 earnings per share estimates for Fortis in a report issued on Wednesday, October 23rd. National Bank Financial analyst P. Kenny forecasts that the company will post earnings of $0.82 per share for the quarter. The consensus estimate for Fortis' current full-year earnings is $3.34 per share.

Fortis (TSE:FTS - Get Free Report) last issued its quarterly earnings data on Wednesday, July 31st. The company reported C$0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of C$0.65 by C$0.02. The firm had revenue of C$2.67 billion during the quarter, compared to analysts' expectations of C$2.71 billion. Fortis had a return on equity of 7.44% and a net margin of 14.35%.

Several other research firms also recently weighed in on FTS. JPMorgan Chase & Co. raised their price target on Fortis from C$52.00 to C$53.00 in a research report on Thursday, July 25th. Bank of America set a C$60.00 price target on Fortis and gave the stock an "underperform" rating in a research report on Friday, September 20th. Royal Bank of Canada lifted their price objective on Fortis from C$62.00 to C$65.00 and gave the company a "sector perform" rating in a research report on Thursday, October 3rd. Raymond James lifted their price objective on Fortis from C$59.00 to C$61.00 and gave the company an "outperform" rating in a research report on Thursday, August 1st. Finally, CIBC lifted 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. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of C$60.40.

Fortis Stock Performance

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 business's 50-day moving average price is C$60.52 and its two-hundred day moving average price is C$56.66. The firm has a market capitalization of C$30.15 billion, a PE ratio of 19.11, a PEG ratio of 3.01 and a beta of 0.23. Fortis has a 1-year low of C$51.02 and a 1-year high of C$62.47.

Fortis Increases Dividend

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

Insider Buying and Selling at Fortis

In other Fortis news, Senior Officer James Reid sold 19,972 shares of the business's stock in a transaction dated 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 company insiders.

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.