National Bank Financial Comments on Fortis Inc.’s Q1 2024 Earnings (NYSE:FTS)

Fortis Inc. (NYSE:FTS) – National Bank Financial issued their Q1 2024 earnings estimates for shares of Fortis in a research report issued to clients and investors on Tuesday, April 23rd. National Bank Financial analyst P. Kenny expects that the utilities provider will post earnings of $0.67 per share for the quarter. The consensus estimate for Fortis’ current full-year earnings is $2.39 per share.

Fortis (NYSE:FTS) last issued its quarterly earnings data on Friday, February 9th. The utilities provider reported $0.53 EPS for the quarter, topping the consensus estimate of $0.52 by $0.01. Fortis had a net margin of 13.22% and a return on equity of 7.00%. The firm had revenue of $2.12 billion for the quarter, compared to analyst estimates of $2.39 billion. During the same period in the prior year, the business posted $0.53 EPS.

Separately, StockNews.com downgraded shares of Fortis from a “hold” rating to a “sell” rating in a research report on Thursday, April 11th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $55.13.

Fortis Trading Up 0.4 %

Shares of NYSE:FTS opened at $39.32 on Thursday. Fortis has a 52 week low of $36.30 and a 52 week high of $46.28. The company’s 50 day moving average is $39.09 and its two-hundred day moving average is $39.97. The company has a current ratio of 0.67, a quick ratio of 0.58 and a debt-to-equity ratio of 1.27. The company has a market cap of $19.39 billion, a PE ratio of 17.10, a P/E/G ratio of 2.73 and a beta of 0.42.

Institutional Trading of Fortis

Large investors have recently bought and sold shares of the business. Rational Advisors LLC acquired a new stake in Fortis during the 3rd quarter worth $41,000. Dixon Mitchell Investment Counsel Inc. acquired a new stake in shares of Fortis in the 1st quarter worth $60,000. NBC Securities Inc. acquired a new stake in shares of Fortis in the 3rd quarter worth $96,000. Lindbrook Capital LLC lifted its stake in shares of Fortis by 111.2% in the 4th quarter. Lindbrook Capital LLC now owns 2,598 shares of the utilities provider’s stock worth $107,000 after acquiring an additional 1,368 shares during the period. Finally, Gulf International Bank UK Ltd lifted its stake in shares of Fortis by 9.0% in the 1st quarter. Gulf International Bank UK Ltd now owns 3,340 shares of the utilities provider’s stock worth $132,000 after acquiring an additional 276 shares during the period. Institutional investors and hedge funds own 57.77% of the company’s stock.

Fortis Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Friday, May 17th will be paid a dividend of $0.4382 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.75 dividend on an annualized basis and a yield of 4.46%. This is a boost from Fortis’s previous quarterly dividend of $0.44. Fortis’s dividend payout ratio is currently 55.65%.

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.