Fortis Inc. (NYSE:FTS – Free Report) – Equities researchers at National Bank Financial issued their Q3 2024 earnings per share estimates for Fortis in a report released on Wednesday, October 23rd. National Bank Financial analyst P. Kenny anticipates that the utilities provider will earn $0.59 per share for the quarter. The consensus estimate for Fortis’ current full-year earnings is $2.35 per share.
Fortis (NYSE:FTS – Get Free Report) last issued its quarterly earnings data on Wednesday, July 31st. The utilities provider reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.02. Fortis had a net margin of 13.90% and a return on equity of 7.04%. The business had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.96 billion.
Read Our Latest Research Report on Fortis
Fortis Stock Down 0.9 %
Fortis stock opened at $43.80 on Friday. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.69 and a quick ratio of 0.58. Fortis has a fifty-two week low of $36.86 and a fifty-two week high of $46.06. The firm has a fifty day moving average price of $44.52 and a two-hundred day moving average price of $41.56. The firm has a market cap of $21.69 billion, a price-to-earnings ratio of 18.92, a P/E/G ratio of 3.83 and a beta of 0.47.
Fortis Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Monday, November 18th will be given a dividend of $0.615 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $2.46 dividend on an annualized basis and a dividend yield of 5.62%. This is a positive change from Fortis’s previous quarterly dividend of $0.43. Fortis’s dividend payout ratio is currently 78.02%.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC raised its stake in shares of Fortis by 123.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 666 shares of the utilities provider’s stock valued at $26,000 after buying an additional 368 shares in the last quarter. Ridgewood Investments LLC acquired a new stake in Fortis in the 2nd quarter valued at $32,000. Bessemer Group Inc. boosted its stake in Fortis by 53.6% in the 1st quarter. Bessemer Group Inc. now owns 992 shares of the utilities provider’s stock valued at $40,000 after buying an additional 346 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. acquired a new position in Fortis during the first quarter worth $60,000. Finally, Headlands Technologies LLC bought a new position in shares of Fortis during the first quarter valued at $69,000. 57.77% of the stock is owned by institutional investors.
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.
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