Raymond James Comments on Fortis’ FY2024 Earnings (TSE:FTS)

Fortis Inc. (TSE:FTS) – Equities research analysts at Raymond James decreased their FY2024 earnings per share (EPS) estimates for Fortis in a note issued to investors on Thursday, January 30th. Raymond James analyst T. Genzebu now forecasts that the company will post earnings per share of $3.28 for the year, down from their previous forecast of $3.29. Raymond James 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 increased 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, January 8th. Two research analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, Fortis has an average rating of “Hold” and an average target price of C$60.89.

Fortis Stock Performance

Shares of TSE FTS opened at C$61.90 on Monday. The company has a quick ratio of 0.36, a current ratio of 0.69 and a debt-to-equity ratio of 128.59. The firm’s 50-day moving average price is C$60.80 and its two-hundred day moving average price is C$59.98. Fortis has a 52-week low of C$51.02 and a 52-week high of C$63.75. The stock has a market capitalization of C$30.65 billion, a P/E ratio of 19.40, a P/E/G ratio of 3.01 and a beta of 0.23.

Fortis (TSE:FTS) last posted its quarterly earnings results on Tuesday, November 5th. The company reported C$0.85 earnings per share (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 prior year, the company posted $0.84 EPS.

Fortis Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Saturday, March 1st will be given a $0.615 dividend. This represents a $2.46 annualized dividend and a yield of 3.97%. The ex-dividend date is Tuesday, February 18th. Fortis’s dividend payout ratio is currently 77.12%.

Insider Buying and Selling at Fortis

In related news, Senior Officer Jocelyn Perry sold 11,809 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The shares were 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 the company’s stock in a transaction that occurred on 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 owned by company 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.