FY2024 Earnings Estimate for Fortis Issued By Raymond James

Fortis Inc. (NYSE:FTS - Free Report) - Research analysts at Raymond James boosted their FY2024 earnings per share estimates for Fortis in a report issued on Tuesday, November 5th. Raymond James analyst D. Quezada now anticipates that the utilities provider will post earnings per share of $2.37 for the year, up from their prior estimate of $2.33. Raymond James has a "Market Perform" rating on the stock. The consensus estimate for Fortis' current full-year earnings is $2.33 per share. Raymond James also issued estimates for Fortis' Q1 2025 earnings at $0.67 EPS and Q2 2025 earnings at $0.47 EPS.

A number of other research firms also recently weighed in on FTS. UBS Group raised Fortis to a "strong sell" rating in a report on Tuesday, September 10th. Bank of America initiated coverage on shares of Fortis in a research note on Friday, September 20th. They issued an "underperform" rating for the company. Finally, StockNews.com upgraded shares of Fortis from a "sell" rating to a "hold" rating in a research report on Sunday, August 4th. Three equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Reduce".

Fortis Stock Performance

Shares of NYSE FTS traded up $0.27 during trading hours on Thursday, reaching $43.86. 530,835 shares of the stock were exchanged, compared to its average volume of 700,873. The stock's fifty day simple moving average is $44.45 and its 200 day simple moving average is $41.92. The firm has a market capitalization of $21.81 billion, a price-to-earnings ratio of 18.58, a P/E/G ratio of 3.87 and a beta of 0.47. Fortis has a 52 week low of $36.86 and a 52 week high of $46.06. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.58 and a current ratio of 0.69.

Fortis (NYSE:FTS - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The utilities provider reported $0.85 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.26. The business had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.01 billion. Fortis had a net margin of 13.90% and a return on equity of 7.04%. During the same quarter in the prior year, the business earned $0.63 EPS.

Fortis Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Monday, November 18th will be given a $0.615 dividend. The ex-dividend date is Monday, November 18th. This represents a $2.46 dividend on an annualized basis and a dividend yield of 5.61%. This is a boost from Fortis's previous quarterly dividend of $0.43. Fortis's dividend payout ratio (DPR) is presently 72.46%.

Institutional Investors Weigh In On Fortis

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Fortis by 1.2% during the first quarter. Vanguard Group Inc. now owns 20,072,102 shares of the utilities provider's stock worth $793,049,000 after purchasing an additional 229,972 shares during the last quarter. TD Asset Management Inc raised its holdings in shares of Fortis by 2.3% during the 2nd quarter. TD Asset Management Inc now owns 12,151,327 shares of the utilities provider's stock worth $472,164,000 after buying an additional 270,417 shares in the last quarter. 1832 Asset Management L.P. raised its holdings in shares of Fortis by 1.1% during the 2nd quarter. 1832 Asset Management L.P. now owns 9,199,047 shares of the utilities provider's stock worth $357,291,000 after buying an additional 95,813 shares in the last quarter. Toronto Dominion Bank lifted its position in shares of Fortis by 26.9% during the 2nd quarter. Toronto Dominion Bank now owns 9,071,484 shares of the utilities provider's stock worth $352,336,000 after buying an additional 1,920,728 shares during the last quarter. Finally, CIBC Asset Management Inc boosted its stake in Fortis by 4.2% in the second quarter. CIBC Asset Management Inc now owns 3,938,001 shares of the utilities provider's stock valued at $152,955,000 after buying an additional 158,178 shares in the last quarter. Institutional investors own 57.77% of the company's stock.

Fortis Company Profile

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.