FY2024 Earnings Forecast for Fortis Issued By Raymond James

Fortis Inc. (TSE:FTS) – Stock analysts at Raymond James boosted their FY2024 earnings estimates for shares of Fortis in a research note issued on Tuesday, November 5th. Raymond James analyst D. Quezada now anticipates that the company will earn $3.29 per share for the year, up from their prior forecast of $3.24. 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’ Q2 2025 earnings at $0.65 EPS and Q3 2025 earnings at $0.84 EPS.

A number of other equities analysts have also commented on the stock. National Bankshares raised their target price on shares of Fortis from C$56.00 to C$62.00 and gave the stock a “sector perform” rating in a research report on Friday, August 23rd. BMO Capital Markets upped their target price on Fortis from C$59.00 to C$61.00 in a report on Thursday, September 5th. Scotiabank increased their price objective on shares of Fortis from C$56.00 to C$63.00 and gave the company a “sector perform” rating in a research note on Tuesday, August 20th. CIBC upped their target price on Fortis from C$57.00 to C$59.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Finally, Bank of America set a C$60.00 price target on Fortis and gave the company an “underperform” rating in a 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. Based on data from MarketBeat.com, Fortis currently has a consensus rating of “Hold” and an average target price of C$60.33.

Fortis Trading Up 0.1 %

Shares of FTS opened at C$60.79 on Thursday. The firm has a market capitalization of C$30.10 billion, a price-to-earnings ratio of 19.06, 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. Fortis has a 1-year low of C$51.02 and a 1-year high of C$62.47. The company has a 50-day moving average of C$60.62 and a 200 day moving average of C$57.08.

Insider Buying and Selling

In related news, Senior Officer James Reid sold 19,972 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of C$59.46, for a total value of C$1,187,493.18. 0.04% of the stock is owned by company insiders.

Fortis Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Sunday, December 1st will be given a $0.83 dividend. This is a positive change from Fortis’s previous quarterly dividend of $0.59. This represents a $3.32 annualized dividend and a dividend yield of 5.46%. The ex-dividend date is Monday, November 18th. Fortis’s dividend payout ratio (DPR) is presently 77.12%.

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.