Fortis Inc. (NYSE:FTS) Expected to Earn Q1 2022 Earnings of $0.61 Per Share

Fortis Inc. (NYSE:FTS – Get Rating) – National Bank Financial issued their Q1 2022 earnings per share (EPS) estimates for shares of Fortis in a research note issued on Monday, April 25th. National Bank Financial analyst P. Kenny anticipates that the utilities provider will earn $0.61 per share for the quarter.

A number of other equities analysts also recently weighed in on the stock. Scotiabank boosted their target price on shares of Fortis from C$61.00 to C$63.00 in a report on Tuesday, April 19th. UBS Group downgraded shares of Fortis from a “buy” rating to a “neutral” rating and set a $61.00 target price on the stock. in a report on Wednesday, January 5th. Zacks Investment Research downgraded shares of Fortis from a “hold” rating to a “sell” rating in a report on Tuesday. CIBC decreased their price objective on shares of Fortis from C$61.00 to C$60.00 in a report on Monday, February 14th. Finally, StockNews.com began coverage on shares of Fortis in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $58.75.

Shares of FTS opened at $49.44 on Wednesday. The company has a market cap of $23.58 billion, a price-to-earnings ratio of 24.00, a PEG ratio of 3.80 and a beta of 0.33. Fortis has a 1-year low of $43.12 and a 1-year high of $51.66. The company’s fifty day simple moving average is $48.40 and its 200 day simple moving average is $46.71. The company has a current ratio of 0.57, a quick ratio of 0.47 and a debt-to-equity ratio of 1.25.

Fortis (NYSE:FTS – Get Rating) last announced its quarterly earnings data on Friday, February 11th. The utilities provider reported $0.50 EPS for the quarter, missing the Zacks’ consensus estimate of $0.57 by ($0.07). The business had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.34 billion. Fortis had a return on equity of 6.43% and a net margin of 13.18%. During the same period in the prior year, the firm earned $0.53 EPS.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Healthcare of Ontario Pension Plan Trust Fund lifted its position in Fortis by 13.5% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 302,700 shares of the utilities provider’s stock worth $13,413,000 after purchasing an additional 35,927 shares during the period. Citigroup Inc. lifted its position in Fortis by 81.7% during the third quarter. Citigroup Inc. now owns 283,593 shares of the utilities provider’s stock worth $12,578,000 after purchasing an additional 127,497 shares during the period. Invesco Ltd. lifted its position in Fortis by 1.0% during the third quarter. Invesco Ltd. now owns 1,412,949 shares of the utilities provider’s stock worth $62,636,000 after purchasing an additional 13,947 shares during the period. American Century Companies Inc. lifted its position in Fortis by 6.4% during the third quarter. American Century Companies Inc. now owns 15,521 shares of the utilities provider’s stock worth $689,000 after purchasing an additional 937 shares during the period. Finally, Mercer Global Advisors Inc. ADV lifted its position in Fortis by 6.3% during the third quarter. Mercer Global Advisors Inc. ADV now owns 7,803 shares of the utilities provider’s stock worth $346,000 after purchasing an additional 459 shares during the period. 47.41% of the stock is owned by institutional investors and hedge funds.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 1st. Investors of record on Tuesday, May 17th will be given a dividend of $0.4227 per share. The ex-dividend date of this dividend is Monday, May 16th. This represents a $1.69 annualized dividend and a yield of 3.42%. Fortis’s dividend payout ratio is 81.55%.

Fortis Company Profile (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.

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