FY2024 Earnings Forecast for Fortis Issued By Raymond James

Fortis Inc. (TSE:FTS) – Analysts at Raymond James cut their FY2024 earnings per share estimates for shares of Fortis in a research note issued on Thursday, January 30th. Raymond James analyst T. Genzebu now anticipates that the company will post earnings of $3.28 per share for the year, down from their prior estimate of $3.29. 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’ Q4 2025 earnings at $0.91 EPS.

Separately, CIBC upped their target price on Fortis from C$63.00 to C$64.00 and gave the stock a “neutral” rating in a report on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to MarketBeat.com, Fortis presently has an average rating of “Hold” and a consensus target price of C$60.89.

Fortis Trading Down 1.6 %

Shares of Fortis stock opened at C$61.26 on Monday. The firm’s 50 day moving average is C$60.78 and its 200 day moving average is C$60.09. The firm has a market capitalization of C$30.34 billion, a PE ratio of 19.20, a price-to-earnings-growth 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 1 year low of C$51.02 and a 1 year high of C$63.75.

Fortis (TSE:FTS) last posted its earnings results on Tuesday, November 5th. The company reported C$0.85 EPS for the quarter, topping 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 in the previous year, the company earned $0.84 earnings per share.

Fortis Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Investors 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 4.02%. The ex-dividend date is Tuesday, February 18th. Fortis’s dividend payout ratio is presently 77.12%.

Insider Activity at Fortis

In other Fortis news, Senior Officer Jocelyn Perry sold 11,809 shares of the stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of C$63.19, for a total transaction of C$746,178.83. Also, Director Gary Joseph Smith sold 21,716 shares of Fortis stock in a transaction on Friday, November 8th. The shares were sold at an average price of C$61.45, for a total transaction of C$1,334,543.75. 0.04% of the stock is owned by company insiders.

Fortis Company Profile

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.