FY2024 Earnings Forecast for Fortis Issued By Scotiabank

Fortis Inc. (TSE:FTS) – Equities research analysts at Scotiabank raised their FY2024 earnings per share (EPS) estimates for Fortis in a report issued on Wednesday, January 8th. Scotiabank analyst R. Hope now forecasts that the company will post earnings per share of $3.27 for the year, up from their previous forecast of $3.24. The consensus estimate for Fortis’ current full-year earnings is $3.34 per share. Scotiabank also issued estimates for Fortis’ FY2026 earnings at $3.51 EPS.

Several other brokerages also recently issued reports on FTS. Raymond James downgraded shares of Fortis from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 6th. Royal Bank of Canada increased their target price on Fortis from C$62.00 to C$65.00 and gave the company a “sector perform” rating in a research note on Thursday, October 3rd. Bank of America set a C$60.00 target price on Fortis and gave the stock an “underperform” rating in a report on Friday, September 20th. Finally, CIBC upped their price target 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 given a hold rating to the stock. According to data from MarketBeat, Fortis currently has a consensus rating of “Hold” and a consensus target price of C$60.89.

Fortis Stock Performance

Shares of Fortis stock opened at C$58.92 on Friday. The stock has a market cap of C$29.18 billion, a price-to-earnings ratio of 18.47, 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$63.75. The firm’s 50-day moving average is C$61.07 and its 200 day moving average is C$59.21.

Insiders Place Their Bets

In other Fortis news, Senior Officer Keri Linda Glitch purchased 450 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were acquired at an average price of C$61.41 per share, for a total transaction of C$27,634.59. Following the purchase, the insider now directly owns 450 shares of the company’s stock, valued at C$27,634.59. The trade was a ? increase in their position. Also, Director Gary Joseph Smith sold 21,716 shares of the business’s 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. Insiders own 0.04% of the company’s stock.

Fortis Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Sunday, December 1st were issued a $0.83 dividend. This is an increase from Fortis’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Monday, November 18th. This represents a $3.32 dividend on an annualized basis and a yield of 5.63%. Fortis’s dividend payout ratio is currently 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.