Equities Analysts Issue Forecasts for Fortis Q4 Earnings

Fortis Inc. (NYSE:FTS - Free Report) - Analysts at Raymond James dropped their Q4 2024 earnings estimates for Fortis in a research report issued on Thursday, January 30th. Raymond James analyst T. Genzebu now anticipates that the utilities provider will post earnings per share of $0.57 for the quarter, down from their previous estimate of $0.60. 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. Raymond James also issued estimates for Fortis' Q1 2025 earnings at $0.64 EPS, Q2 2025 earnings at $0.45 EPS, Q3 2025 earnings at $0.58 EPS, Q4 2025 earnings at $0.63 EPS and FY2025 earnings at $2.29 EPS.

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

Fortis Trading Up 0.2 %

FTS stock traded up $0.08 during midday trading on Friday, hitting $42.80. 211,152 shares of the company's stock were exchanged, compared to its average volume of 403,347. Fortis has a 1-year low of $36.86 and a 1-year high of $46.06. The business has a 50-day simple moving average of $42.48 and a two-hundred day simple moving average of $43.36. The stock has a market capitalization of $21.37 billion, a PE ratio of 18.00, a P/E/G ratio of 3.85 and a beta of 0.50. The company has a current ratio of 0.74, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32.

Institutional Investors Weigh In On Fortis

A number of institutional investors have recently made changes to their positions in FTS. Dimensional Fund Advisors LP boosted its position in shares of Fortis by 4.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 489,343 shares of the utilities provider's stock worth $19,006,000 after purchasing an additional 21,059 shares during the period. Truist Financial Corp grew its stake in shares of Fortis by 6.3% in the second quarter. Truist Financial Corp now owns 28,689 shares of the utilities provider's stock valued at $1,114,000 after buying an additional 1,691 shares in the last quarter. Code Waechter LLC purchased a new stake in shares of Fortis in the 3rd quarter valued at $838,000. CHICAGO TRUST Co NA acquired a new position in Fortis during the 3rd quarter worth about $209,000. Finally, Creative Planning boosted its holdings in Fortis by 21.1% during the 3rd quarter. Creative Planning now owns 52,266 shares of the utilities provider's stock valued at $2,375,000 after acquiring an additional 9,108 shares during the period. 57.77% of the stock is currently owned by institutional investors and hedge funds.

Fortis Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Tuesday, February 18th will be given a $0.4382 dividend. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $1.75 dividend on an annualized basis and a yield of 4.10%. Fortis's payout ratio is currently 79.41%.

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.