Scotiabank Has Optimistic Outlook of Fortis FY2025 Earnings

Fortis Inc. (TSE:FTS) – Analysts at Scotiabank upped their FY2025 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 $3.35 for the year, up from their prior estimate of $3.34. The consensus estimate for Fortis’ current full-year earnings is $3.34 per share.

A number of other research analysts also recently issued reports on FTS. Royal Bank of Canada lifted 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. CIBC raised their price target on Fortis from C$63.00 to C$64.00 and gave the stock a “neutral” rating in a report on Wednesday, January 8th. Raymond James cut shares of Fortis from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 6th. Finally, Bank of America set a C$60.00 price objective on shares of Fortis and gave the company an “underperform” rating in a report on Friday, September 20th. Three equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of C$60.89.

Fortis Trading Down 0.5 %

FTS opened at C$58.62 on Monday. Fortis has a 12 month low of C$51.02 and a 12 month high of C$63.75. The stock has a fifty day moving average price of C$61.04 and a 200-day moving average price of C$59.29. The firm has a market cap of C$29.03 billion, a price-to-earnings ratio of 18.38, a PEG ratio of 3.01 and a beta of 0.23. The company has a current ratio of 0.69, a quick ratio of 0.36 and a debt-to-equity ratio of 128.59.

Insider Activity

In related news, Director Gary Joseph Smith sold 21,716 shares of the 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. Also, Senior Officer Jocelyn Perry sold 11,809 shares of the firm’s stock in a transaction 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. Insiders own 0.04% of the company’s stock.

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 paid a dividend of $0.83 per share. The ex-dividend date of this dividend was Monday, November 18th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 5.66%. This is a positive change from Fortis’s previous quarterly dividend of $0.59. 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.