Fortis Inc. (TSE:FTS – Free Report) – National Bank Financial dropped their FY2024 earnings estimates for shares of Fortis in a report released on Thursday, May 2nd. National Bank Financial analyst P. Kenny now expects that the company will post earnings per share of $3.20 for the year, down from their prior estimate of $3.22. The consensus estimate for Fortis’ current full-year earnings is $3.20 per share.
Several other equities analysts have also weighed in on FTS. National Bankshares raised their price objective on shares of Fortis from C$52.00 to C$55.00 and gave the company a “sector perform” rating in a research report on Tuesday, January 30th. JPMorgan Chase & Co. reduced their price objective on Fortis from C$53.00 to C$50.00 and set an “underweight” rating for the company in a research report on Monday, January 22nd. BMO Capital Markets upped their price target on Fortis from C$58.00 to C$58.50 and gave the company a “market perform” rating in a report on Thursday, May 2nd. Bank of America raised their price target on shares of Fortis from C$49.00 to C$50.00 in a research note on Tuesday, January 16th. Finally, Raymond James lowered their price objective on Fortis from C$62.00 to C$59.00 in a research note on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, Fortis currently has an average rating of “Hold” and a consensus price target of C$56.88.
Fortis Trading Up 0.7 %
TSE FTS opened at C$55.17 on Monday. Fortis has a 1-year low of C$49.82 and a 1-year high of C$62.00. The firm’s fifty day simple moving average is C$53.30 and its 200-day simple moving average is C$54.18. The company has a current ratio of 0.60, a quick ratio of 0.36 and a debt-to-equity ratio of 128.89. The company has a market capitalization of C$27.20 billion, a PE ratio of 17.63, a price-to-earnings-growth ratio of 2.80 and a beta of 0.18.
Fortis (TSE:FTS – Get Free Report) last announced its quarterly earnings data on Friday, February 9th. The company reported C$0.72 earnings per share (EPS) for the quarter, hitting the consensus estimate of C$0.72. The firm had revenue of C$2.89 billion during the quarter, compared to the consensus estimate of C$3.22 billion. Fortis had a return on equity of 7.38% and a net margin of 14.11%.
Fortis Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Saturday, June 1st will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 4.28%. The ex-dividend date is Thursday, May 16th. Fortis’s payout ratio is 75.40%.
Insider Activity
In other Fortis news, Director Brian Slocum purchased 1,888 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were acquired at an average cost of C$39.18 per share, for a total transaction of C$73,971.65. In other Fortis news, Director Brian Slocum purchased 1,888 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was acquired at an average cost of C$39.18 per share, with a total value of C$73,971.65. Also, Senior Officer Ronald Hinsley sold 972 shares of the company’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of C$38.79, for a total transaction of C$37,706.21. Over the last 90 days, insiders bought 2,851 shares of company stock worth $111,115. Insiders own 0.04% of the company’s stock.
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.
Featured Stories
- Five stocks we like better than Fortis
- Want to Profit on the Downtrend? Downtrends, Explained.
- Garmin Navigates to New Highs Driven By Wearables Trend
- What is a buyback in stocks? A comprehensive guide for investors
- Pinterest Prospers From AI Boosting Shop-Ability and Relevance
- What Investors Need to Know to Beat the Market
- AbbVie Tracking for New Highs in 2024
Receive News & Ratings for Fortis Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortis and related companies with MarketBeat.com's FREE daily email newsletter.