Q2 2024 Earnings Estimate for Fortis Inc. (NYSE:FTS) Issued By Raymond James

Fortis Inc. (NYSE:FTS) – Raymond James dropped their Q2 2024 EPS estimates for Fortis in a report released on Thursday, April 25th. Raymond James analyst D. Quezada now forecasts that the utilities provider will post earnings of $0.47 per share for the quarter, down from their previous forecast of $0.48. The consensus estimate for Fortis’ current full-year earnings is $2.39 per share. Raymond James also issued estimates for Fortis’ Q3 2024 earnings at $0.58 EPS, Q4 2024 earnings at $0.63 EPS, FY2024 earnings at $2.33 EPS, Q1 2025 earnings at $0.69 EPS, Q2 2025 earnings at $0.50 EPS, Q3 2025 earnings at $0.61 EPS, Q4 2025 earnings at $0.64 EPS and FY2025 earnings at $2.43 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 given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $55.13.

Fortis Trading Down 0.7 %

Shares of FTS stock opened at $39.06 on Friday. Fortis has a 52-week low of $36.30 and a 52-week high of $46.28. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.58 and a current ratio of 0.67. The company has a 50-day simple moving average of $39.09 and a two-hundred day simple moving average of $39.96. The company has a market capitalization of $19.25 billion, a price-to-earnings ratio of 16.98, a PEG ratio of 2.74 and a beta of 0.42.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Fortis by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 19,842,130 shares of the utilities provider’s stock valued at $816,107,000 after acquiring an additional 421,120 shares during the last quarter. FIL Ltd boosted its stake in Fortis by 33.8% in the fourth quarter. FIL Ltd now owns 19,477,406 shares of the utilities provider’s stock valued at $801,263,000 after acquiring an additional 4,924,031 shares during the last quarter. TD Asset Management Inc boosted its stake in Fortis by 22.3% in the fourth quarter. TD Asset Management Inc now owns 13,380,619 shares of the utilities provider’s stock valued at $553,145,000 after acquiring an additional 2,438,223 shares during the last quarter. Toronto Dominion Bank boosted its stake in Fortis by 11.4% in the third quarter. Toronto Dominion Bank now owns 12,664,645 shares of the utilities provider’s stock valued at $481,130,000 after acquiring an additional 1,294,939 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its stake in Fortis by 7.5% in the fourth quarter. Mackenzie Financial Corp now owns 8,080,594 shares of the utilities provider’s stock valued at $332,583,000 after acquiring an additional 561,176 shares during the last quarter. 57.77% of the stock is currently owned by hedge funds and other institutional investors.

Fortis Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Friday, May 17th will be paid a $0.4382 dividend. This represents a $1.75 dividend on an annualized basis and a yield of 4.49%. This is a boost from Fortis’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend is Thursday, May 16th. Fortis’s payout ratio is presently 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.