Fortis Inc. (TSE:FTS – Get Rating) – Raymond James dropped their Q4 2022 earnings per share (EPS) estimates for shares of Fortis in a research report issued to clients and investors on Wednesday, May 4th. Raymond James analyst D. Quezada now anticipates that the company will post earnings of $0.68 per share for the quarter, down from their previous forecast of $0.69. Raymond James currently has a “Market Perform” rating and a $58.00 target price on the stock. Raymond James also issued estimates for Fortis’ FY2023 earnings at $2.88 EPS. Fortis (TSE:FTS – Get Rating) last posted its earnings results on Friday, February 11th. The company reported C$0.63 earnings per share for the quarter, missing the consensus estimate of C$0.72 by C($0.09). The business had revenue of C$2.58 billion during the quarter, compared to analysts’ expectations of C$2.36 billion.
FTS has been the topic of several other research reports. CIBC lifted their price target on Fortis from C$60.00 to C$63.00 in a research note on Thursday, April 21st. Royal Bank of Canada lifted their price target on Fortis from C$60.00 to C$65.00 and gave the company a “sector perform” rating in a research note on Thursday. CSFB lifted their price target on Fortis from C$63.00 to C$66.00 in a research note on Wednesday, April 13th. Credit Suisse Group lifted their price target on Fortis to C$66.00 and gave the company a “neutral” rating in a research note on Wednesday, April 13th. Finally, JPMorgan Chase & Co. lifted their price target on Fortis from C$59.00 to C$63.00 in a research note on Tuesday, April 12th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Fortis has a consensus rating of “Hold” and an average price target of C$61.81.
FTS opened at C$61.66 on Friday. The business’s 50-day moving average price is C$61.80 and its two-hundred day moving average price is C$59.39. Fortis has a 1 year low of C$54.32 and a 1 year high of C$65.13. The company has a market capitalization of C$29.40 billion and a price-to-earnings ratio of 23.62. The company has a debt-to-equity ratio of 124.11, a current ratio of 0.57 and a quick ratio of 0.29.
In other Fortis news, Senior Officer Nora Duke sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 8th. The stock was sold at an average price of C$61.35, for a total transaction of C$613,500.00. Following the transaction, the insider now owns 111,987 shares of the company’s stock, valued at C$6,870,402.45. Also, Director Gary Joseph Smith sold 16,720 shares of the business’s stock in a transaction that occurred on Thursday, March 31st. The stock was sold at an average price of C$62.03, for a total value of C$1,037,175.04. Following the transaction, the director now directly owns 13,253 shares in the company, valued at approximately C$822,110.10. In the last three months, insiders have sold 78,781 shares of company stock worth $4,800,615.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 1st. Shareholders of record on Tuesday, May 17th will be given a dividend of $0.535 per share. This represents a $2.14 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date is Monday, May 16th. Fortis’s dividend payout ratio (DPR) is presently 78.54%.
About Fortis (Get Rating)
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 438,000 retail customers in southeastern Arizona; and 100,000 retail customers in Arizona’s Mohave and Santa Cruz counties with an aggregate capacity of 3,485 megawatts (MW), including 53 MW of solar capacity and 252 MV of wind capacity.