Fortis Inc. Forecasted to Earn Q1 2022 Earnings of $0.59 Per Share (NYSE:FTS)

Fortis Inc. (NYSE:FTSGet Rating) – Analysts at Raymond James decreased their Q1 2022 earnings per share estimates for Fortis in a research report issued on Thursday, April 28th. Raymond James analyst D. Quezada now expects that the utilities provider will earn $0.59 per share for the quarter, down from their prior forecast of $0.62. Raymond James also issued estimates for Fortis’ Q4 2022 earnings at $0.54 EPS, FY2022 earnings at $2.16 EPS and FY2023 earnings at $2.25 EPS.

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

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

Fortis stock opened at $49.76 on Friday. The firm’s fifty day moving average price is $48.57 and its 200-day moving average price is $46.76. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.47 and a current ratio of 0.57. The stock has a market cap of $23.73 billion, a P/E ratio of 24.16, a price-to-earnings-growth ratio of 3.80 and a beta of 0.33. Fortis has a fifty-two week low of $43.12 and a fifty-two week high of $51.66.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 1st. Investors of record on Tuesday, May 17th will be paid a dividend of $0.4227 per share. This represents a $1.69 annualized dividend and a yield of 3.40%. The ex-dividend date of this dividend is Monday, May 16th. Fortis’s payout ratio is currently 81.55%.

A number of large investors have recently bought and sold shares of the stock. Cyrus J. Lawrence LLC bought a new position in shares of Fortis in the first quarter worth approximately $30,000. Industrial Alliance Investment Management Inc. purchased a new position in shares of Fortis during the fourth quarter valued at approximately $99,000. Advisors Asset Management Inc. purchased a new position in shares of Fortis during the fourth quarter valued at approximately $149,000. Lombard Odier Asset Management Switzerland SA purchased a new position in shares of Fortis during the fourth quarter valued at approximately $221,000. Finally, Mitchell & Pahl Private Wealth LLC raised its holdings in shares of Fortis by 10.3% during the fourth quarter. Mitchell & Pahl Private Wealth LLC now owns 5,430 shares of the utilities provider’s stock valued at $262,000 after purchasing an additional 507 shares during the last quarter. 47.41% of the stock is currently owned by institutional investors and hedge funds.

About Fortis (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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Earnings History and Estimates for Fortis (NYSE:FTS)

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