Fortis Inc. (TSE:FTS – Free Report) – Equities research analysts at Raymond James decreased their Q4 2024 earnings per share estimates for shares of Fortis in a research report issued to clients and investors on Thursday, January 30th. Raymond James analyst T. Genzebu now forecasts that the company will earn $0.83 per share for the quarter, down from their prior estimate of $0.84. Raymond James has a “Market Perform” rating on the stock. The consensus estimate for Fortis’ current full-year earnings is $3.34 per share.
A number of other research firms also recently issued reports on FTS. CIBC lifted their target price on Fortis from C$63.00 to C$64.00 and gave the company a “neutral” rating in a research report on Wednesday, January 8th. Royal Bank of Canada upped their price objective 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. Two analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to MarketBeat.com, Fortis currently has an average rating of “Hold” and an average target price of C$60.89.
Fortis Stock Up 1.6 %
Shares of FTS stock opened at C$61.94 on Friday. The firm’s fifty day moving average price is C$60.83 and its two-hundred day moving average price is C$59.91. Fortis has a 1 year low of C$51.02 and a 1 year high of C$63.75. The company has a current ratio of 0.69, a quick ratio of 0.36 and a debt-to-equity ratio of 128.59. The firm has a market capitalization of C$30.67 billion, a P/E ratio of 19.42, a PEG ratio of 3.01 and a beta of 0.23.
Fortis (TSE:FTS – Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The company reported C$0.85 earnings per share for the quarter, topping analysts’ consensus estimates of C$0.81 by C$0.04. Fortis had a return on equity of 7.44% and a net margin of 14.35%. During the same quarter in the prior year, the company posted $0.84 earnings per share.
Insiders Place Their Bets
In other Fortis news, Director Gary Joseph Smith sold 21,716 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of C$61.45, for a total value of C$1,334,543.75. Also, Senior Officer Jocelyn Perry sold 11,809 shares of the stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of C$63.19, for a total value of C$746,178.83. Insiders own 0.04% of the company’s stock.
Fortis Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Sunday, December 1st were given a $0.83 dividend. The ex-dividend date was Monday, November 18th. This represents a $3.32 dividend on an annualized basis and a yield of 5.36%. This is a positive change from Fortis’s previous quarterly dividend of $0.59. Fortis’s dividend payout ratio (DPR) is currently 77.12%.
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.
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