Raymond James Research Analysts Raise Earnings Estimates for Fortis Inc. (TSE:FTS)

Posted by on Sep 25th, 2023

Fortis Inc. (TSE:FTS – Free Report) – Analysts at Raymond James increased their FY2023 earnings estimates for shares of Fortis in a research note issued to investors on Thursday, September 21st. Raymond James analyst D. Quezada now forecasts that the company will post earnings of $3.07 per share for the year, up from their prior estimate of $3.02. The consensus estimate for Fortis’ current full-year earnings is $3.12 per share. Raymond James also issued estimates for Fortis’ Q4 2023 earnings at $0.81 EPS, Q1 2024 earnings at $0.83 EPS, Q2 2024 earnings at $0.69 EPS, Q3 2024 earnings at $0.82 EPS and Q4 2024 earnings at $0.83 EPS.

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

A number of other equities research analysts have also weighed in on the stock. CSFB lifted their price objective on shares of Fortis from C$60.50 to C$61.50 and gave the company a “neutral” rating in a report on Thursday, August 24th. Scotiabank decreased their price objective on shares of Fortis from C$60.00 to C$58.00 and set an “outperform” rating for the company in a report on Monday, September 18th. BMO Capital Markets decreased their price objective on shares of Fortis from C$59.00 to C$58.50 and set a “market perform” rating for the company in a report on Friday, September 8th. CIBC reduced their price target on shares of Fortis from C$61.00 to C$59.00 and set a “neutral” rating for the company in a report on Friday, July 21st. Finally, Royal Bank of Canada reduced their price target on shares of Fortis from C$65.00 to C$61.00 and set a “sector perform” rating for the company in a report on Monday, September 11th. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Fortis has a consensus rating of “Hold” and a consensus price target of C$58.25.

Get Our Latest Report on FTS

Fortis Stock Performance

Shares of FTS opened at C$54.36 on Monday. Fortis has a 1-year low of C$48.45 and a 1-year high of C$62.00. The company has a 50-day moving average of C$54.69 and a 200 day moving average of C$56.71. The firm has a market capitalization of C$26.44 billion, a price-to-earnings ratio of 18.36, a PEG ratio of 2.80 and a beta of 0.20. The company has a debt-to-equity ratio of 127.31, a current ratio of 0.79 and a quick ratio of 0.36.

Fortis Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 17th will be given a $0.59 dividend. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.34%. This is an increase from Fortis’s previous quarterly dividend of $0.57. Fortis’s payout ratio is presently 76.35%.

Fortis Company Profile

(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.

See Also

Earnings History and Estimates for Fortis (TSE:FTS)

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