National Bank Financial Weighs in on Fortis FY2024 Earnings

Fortis Inc. (TSE:FTS) – National Bank Financial boosted their FY2024 earnings per share estimates for Fortis in a research report issued on Monday, January 6th. National Bank Financial analyst P. Kenny now forecasts 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.

A number of other research analysts have also weighed in on FTS. Bank of America set a C$60.00 target price on Fortis and gave the company an “underperform” rating in a report on Friday, September 20th. Raymond James lowered shares of Fortis from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th. Royal Bank of Canada upped their price objective on shares of 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, CIBC upped their target price on Fortis from C$63.00 to C$64.00 and gave the company a “neutral” rating in a report on Wednesday. Three research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of C$60.89.

Fortis Trading Up 0.5 %

TSE:FTS opened at C$60.36 on Thursday. Fortis has a one year low of C$51.02 and a one year high of C$63.75. The company has a market cap of C$29.89 billion, a PE ratio of 18.92, a PEG 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 firm has a 50-day moving average of C$61.09 and a 200-day moving average of C$59.17.

Fortis Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Sunday, December 1st were issued a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 5.50%. This is an increase from Fortis’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Monday, November 18th. Fortis’s dividend payout ratio (DPR) is presently 77.12%.

Insider Activity

In other news, Senior Officer Keri Linda Glitch bought 450 shares of the business’s stock in a transaction dated 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 acquisition, the insider now owns 450 shares of the company’s stock, valued at approximately C$27,634.59. This trade represents a ∞ increase in their ownership of the stock. Also, Senior Officer Jocelyn Perry sold 11,809 shares of the firm’s stock in a transaction 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. 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.