National Bank Financial Estimates Fortis FY2024 Earnings

Fortis Inc. (TSE:FTS) – Analysts at National Bank Financial lifted their FY2024 earnings per share estimates for Fortis in a research note issued on Monday, January 6th. National Bank Financial analyst P. Kenny now expects that the company will post earnings per share of $3.22 for the year, up from their prior estimate of $3.07. 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 $3.37 EPS, FY2026 earnings at $3.53 EPS and FY2027 earnings at $3.75 EPS.

Several other research firms have also issued reports on FTS. CIBC raised their price target on Fortis from C$63.00 to C$64.00 and gave the stock a “neutral” rating in a research report on Wednesday. Royal Bank of Canada boosted their price target on shares of Fortis from C$62.00 to C$65.00 and gave the company a “sector perform” rating in a report on Thursday, October 3rd. Raymond James downgraded Fortis from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 6th. Finally, Bank of America set a C$60.00 price objective on Fortis and gave the company an “underperform” rating in a research report on Friday, September 20th. Three analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. According to data from MarketBeat, Fortis currently has an average rating of “Hold” and an average target price of C$60.89.

Fortis Stock Performance

Fortis stock opened at C$60.36 on Thursday. The company has a quick ratio of 0.36, a current ratio of 0.69 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 stock has a market capitalization of C$29.89 billion, a price-to-earnings ratio of 18.92, a P/E/G ratio of 3.01 and a beta of 0.23. The stock has a 50-day simple moving average of C$61.09 and a 200 day simple moving average of C$59.17.

Fortis Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Sunday, December 1st were given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 5.50%. This is a boost from Fortis’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Monday, November 18th. Fortis’s payout ratio is 77.12%.

Insider Buying and Selling

In related news, Senior Officer Keri Linda Glitch bought 450 shares of the business’s stock in a transaction on Friday, November 8th. The shares were purchased at an average price of C$61.41 per share, for a total transaction of C$27,634.59. Following the completion of the transaction, the insider now directly owns 450 shares of the company’s stock, valued at approximately C$27,634.59. This represents a ∞ increase in their position. Also, Director Gary Joseph Smith sold 21,716 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of C$61.45, for a total value of C$1,334,543.75. 0.04% of the stock is currently owned by insiders.

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.