Brokers Issue Forecasts for Fortis Inc’s Q3 2016 Earnings (FTS)

Fortis Inc (TSE:FTS) – Investment analysts at Raymond James Financial issued their Q3 2016 earnings per share estimates for shares of Fortis in a note issued to investors on Thursday. Raymond James Financial analyst D. Quezada anticipates that the firm will post earnings of $0.47 per share for the quarter. Raymond James Financial has a “Outperform” rating and a $50.00 price objective on the stock. Raymond James Financial also issued estimates for Fortis’ Q4 2016 earnings at $0.56 EPS, FY2016 earnings at $2.16 EPS, Q1 2017 earnings at $0.73 EPS, Q2 2017 earnings at $0.61 EPS, Q3 2017 earnings at $0.55 EPS, Q4 2017 earnings at $0.63 EPS, FY2017 earnings at $2.51 EPS and FY2018 earnings at $2.63 EPS.

Several other equities research analysts have also issued reports on FTS. Scotiabank reaffirmed an “outperform” rating and issued a C$46.00 price objective on shares of Fortis in a research note on Monday, July 4th. TD Securities reaffirmed a “buy” rating and issued a C$48.00 price objective on shares of Fortis in a research note on Monday, July 4th. BMO Capital Markets raised their price objective on Fortis from C$46.00 to C$49.00 in a research note on Thursday, July 7th. CIBC lowered Fortis from an “outperform” rating to a “sector perform” rating in a research note on Wednesday, July 20th. Finally, CSFB raised their price target on Fortis from C$42.00 to C$46.00 in a research note on Monday, July 25th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of C$46.00.

Earnings History and Estimates for Fortis (TSE:FTS)

Shares of Fortis (TSE:FTS) opened at 42.35 on Monday. The company has a market capitalization of $12.05 billion and a P/E ratio of 21.55. Fortis has a 12-month low of $35.51 and a 12-month high of $44.87. The firm has a 50-day moving average price of $42.14 and a 200 day moving average price of $41.51.

In other Fortis news, insider David Bennett sold 11,815 shares of the firm’s stock in a transaction on Friday, July 8th. The stock was sold at an average price of C$44.01, for a total transaction of C$519,978.15.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Friday, August 19th were issued a dividend of $0.375 per share. The ex-dividend date of this dividend was Wednesday, August 17th. This represents a $1.50 annualized dividend and a yield of 3.54%.

Fortis Company Profile

Fortis Inc (Fortis) is a Canada-based electric and gas utility company. The Company’s segments include Regulated Utilities and Non-Regulated Utilities. The Regulated Utilities segment includes Regulated Electric & Gas Utilities-United States, which consists of UNS Energy Corporation (UNS Energy) and Central Hudson Gas & Electric Corporation (Central Hudson); Regulated Gas Utility-Canadian, which consists of FortisBC Energy Inc (FortisBC Energy); Regulated Electric Utilities-Canadian, which consists of FortisAlberta Inc (FortisAlberta), FortisBC Electric and Eastern Canadian, and Regulated Electric Utilities-Caribbean, which includes its ownership interest in Caribbean Utilities Company, Ltd.

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