Fortis Inc. Forecasted to Post Q1 2024 Earnings of $0.91 Per Share (TSE:FTS)

Fortis Inc. (TSE:FTS - Free Report) - Equities researchers at National Bank Financial issued their Q1 2024 EPS estimates for Fortis in a research report issued on Tuesday, April 23rd. National Bank Financial analyst P. Kenny expects that the company will post earnings of $0.91 per share for the quarter. The consensus estimate for Fortis' current full-year earnings is $3.21 per share.

FTS has been the subject of several other research reports. Raymond James lowered their target price on shares of Fortis from C$62.00 to C$59.00 in a research note on Thursday. CIBC lowered their target price on shares of Fortis from C$59.00 to C$56.00 and set a "neutral" rating for the company in a research note on Friday, April 19th. National Bankshares upped their target price on shares of Fortis from C$52.00 to C$55.00 and gave the company a "sector perform" rating in a research note on Tuesday, January 30th. Scotiabank lowered their target price on shares of Fortis from C$60.00 to C$56.00 and set a "sector perform" rating for the company in a research note on Monday. Finally, JPMorgan Chase & Co. lowered their price objective on shares of 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. One equities research 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's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of C$56.77.

Fortis Trading Up 0.1 %

TSE:FTS traded up C$0.07 during trading hours on Thursday, hitting C$53.72. The stock had a trading volume of 1,120,806 shares, compared to its average volume of 1,558,333. Fortis has a one year low of C$49.82 and a one year high of C$62.00. The company has a debt-to-equity ratio of 128.76, a quick ratio of 0.36 and a current ratio of 0.68. The company has a market cap of C$26.48 billion, a price-to-earnings ratio of 17.33, a P/E/G ratio of 2.80 and a beta of 0.17. The business's 50 day moving average is C$53.10 and its 200-day moving average is C$54.18.

Fortis (TSE:FTS - Get Free Report) last posted its quarterly earnings results on Friday, February 9th. The company reported C$0.72 earnings per share for the quarter, hitting analysts' consensus estimates of C$0.72. The business had revenue of C$2.89 billion during the quarter, compared to the consensus estimate of C$3.22 billion. Fortis had a net margin of 13.66% and a return on equity of 7.41%.

Insider Buying and Selling

In other news, Director Margarita Dilley purchased 960 shares of the business's stock in a transaction on Thursday, February 29th. The stock was purchased at an average price of C$38.57 per share, for a total transaction of C$37,027.20. In related news, Director Margarita Dilley acquired 960 shares of the company's stock in a transaction dated Thursday, February 29th. The shares were bought at an average cost of C$38.57 per share, with a total value of C$37,027.20. Also, Senior Officer Ronald Hinsley sold 972 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of C$38.79, for a total transaction of C$37,706.21. Over the last 90 days, insiders acquired 2,851 shares of company stock worth $111,115. 0.04% of the stock is owned by insiders.

Fortis Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Friday, May 17th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 4.39%. The ex-dividend date is Thursday, May 16th. Fortis's payout ratio is 76.13%.

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.