FY2024 Earnings Forecast for Fortis Issued By Raymond James

Fortis Inc. (NYSE:FTS - Free Report) - Equities researchers at Raymond James dropped their FY2024 earnings per share estimates for Fortis in a research note issued on Thursday, January 30th. Raymond James analyst T. Genzebu now forecasts that the utilities provider will post earnings per share of $2.26 for the year, down from their previous estimate of $2.37. Raymond James currently has a "Market Perform" rating on the stock. The consensus estimate for Fortis' current full-year earnings is $2.27 per share.

Fortis (NYSE:FTS - Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The utilities provider reported $0.85 EPS for the quarter, topping the consensus estimate of $0.59 by $0.26. Fortis had a return on equity of 7.01% and a net margin of 14.06%. The business had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same quarter in the previous year, the firm earned $0.63 EPS.

Fortis Trading Up 0.0 %

Fortis stock traded up $0.02 during midday trading on Monday, hitting $43.57. 266,125 shares of the stock were exchanged, compared to its average volume of 400,664. The company has a current ratio of 0.74, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32. The stock's 50-day simple moving average is $42.42 and its 200 day simple moving average is $43.38. Fortis has a fifty-two week low of $36.86 and a fifty-two week high of $46.06. The stock has a market capitalization of $21.75 billion, a price-to-earnings ratio of 18.31, a PEG ratio of 3.85 and a beta of 0.50.

Fortis Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Tuesday, February 18th will be issued a dividend of $0.4382 per share. The ex-dividend date is Tuesday, February 18th. This represents a $1.75 dividend on an annualized basis and a dividend yield of 4.02%. Fortis's dividend payout ratio is currently 79.41%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. increased its stake in Fortis by 5.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,352,485 shares of the utilities provider's stock worth $61,516,000 after acquiring an additional 73,682 shares during the last quarter. Intact Investment Management Inc. increased its position in shares of Fortis by 163.8% during the 3rd quarter. Intact Investment Management Inc. now owns 227,700 shares of the utilities provider's stock worth $10,347,000 after purchasing an additional 141,400 shares during the last quarter. Citigroup Inc. raised its holdings in Fortis by 11.3% in the 3rd quarter. Citigroup Inc. now owns 153,325 shares of the utilities provider's stock valued at $6,974,000 after buying an additional 15,605 shares during the period. Code Waechter LLC purchased a new stake in Fortis in the 3rd quarter valued at about $838,000. Finally, Unigestion Holding SA acquired a new position in Fortis in the third quarter valued at about $2,830,000. 57.77% of the stock is currently owned by institutional investors and hedge funds.

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.