FY2023 EPS Estimates for Fortis Inc. (TSE:FTS) Lifted by National Bank Financial

Posted by on Sep 25th, 2023

Fortis Inc. (TSE:FTS – Free Report) – Research analysts at National Bank Financial lifted their FY2023 earnings per share (EPS) estimates for shares of Fortis in a research report issued to clients and investors on Wednesday, September 20th. National Bank Financial analyst P. Kenny now anticipates that the company will post earnings per share of $3.04 for the year, up from their prior estimate of $2.90. The consensus estimate for Fortis’ current full-year earnings is $3.12 per share.

Fortis (TSE:FTS – Get Free Report) last issued its quarterly earnings results on Wednesday, August 2nd. The company reported C$0.62 earnings per share for the quarter, topping analysts’ consensus estimates of C$0.61 by C$0.01. The firm had revenue of C$2.59 billion for the quarter, compared to analysts’ expectations of C$2.63 billion. Fortis had a return on equity of 7.20% and a net margin of 12.82%.

A number of other equities analysts have also recently weighed in on the company. BMO Capital Markets dropped their price target on Fortis from C$59.00 to C$58.50 and set a “market perform” rating on the stock in a research note on Friday, September 8th. CIBC decreased their price objective on Fortis from C$61.00 to C$59.00 and set a “neutral” rating for the company in a research report on Friday, July 21st. Raymond James decreased their price objective on Fortis from C$65.00 to C$62.00 in a research report on Thursday, August 3rd. TD Securities decreased their price objective on Fortis from C$65.00 to C$63.00 and set a “buy” rating for the company in a research report on Thursday, August 3rd. Finally, Royal Bank of Canada decreased their price objective on Fortis from C$65.00 to C$61.00 and set a “sector perform” rating for the company in a research report on Monday, September 11th. Six analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Fortis currently has a consensus rating of “Hold” and an average target price of C$58.25.

View Our Latest Stock Report on FTS

Fortis Stock Performance

Shares of FTS opened at C$54.36 on Monday. The business’s 50-day moving average price is C$54.69 and its 200 day moving average price is C$56.71. The stock has a market capitalization of C$26.44 billion, a P/E ratio of 18.36, a P/E/G ratio of 2.80 and a beta of 0.20. Fortis has a 1-year low of C$48.45 and a 1-year high of C$62.00. The company has a current ratio of 0.79, a quick ratio of 0.36 and a debt-to-equity ratio of 127.31.

Fortis Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 17th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 4.34%. This is a positive change from Fortis’s previous quarterly dividend of $0.57. The ex-dividend date is Thursday, November 16th. Fortis’s payout ratio is currently 76.35%.

About Fortis

(Get Free Report)

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 443,000 retail customers in southeastern Arizona; and 102,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,328 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.

Further Reading

Earnings History and Estimates for Fortis (TSE:FTS)

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