Fortis Inc. (NYSE:FTS – Free Report) – Analysts at National Bank Financial raised their FY2024 earnings per share (EPS) estimates for Fortis in a research report issued to clients and investors on Monday, January 6th. National Bank Financial analyst P. Kenny now forecasts that the utilities provider will post earnings per share of $2.24 for the year, up from their previous forecast of $2.21. The consensus estimate for Fortis’ current full-year earnings is $2.32 per share. National Bank Financial also issued estimates for Fortis’ FY2025 earnings at $2.35 EPS, FY2026 earnings at $2.46 EPS and FY2027 earnings at $2.61 EPS.
A number of other research firms also recently weighed in on FTS. Bank of America assumed coverage on shares of Fortis in a research report on Friday, September 20th. They set an “underperform” rating for the company. Raymond James lowered Fortis from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 6th.
Fortis Stock Performance
NYSE:FTS opened at $41.95 on Thursday. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.74 and a quick ratio of 0.63. Fortis has a 1-year low of $36.86 and a 1-year high of $46.06. The firm has a 50-day moving average of $43.23 and a two-hundred day moving average of $43.00. The stock has a market cap of $20.87 billion, a P/E ratio of 17.63, a PEG ratio of 3.87 and a beta of 0.50.
Fortis (NYSE:FTS – Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The utilities provider reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.26. Fortis had a return on equity of 7.01% and a net margin of 14.06%. The firm had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.01 billion. During the same quarter in the prior year, the business earned $0.63 EPS.
Fortis Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Tuesday, February 18th will be issued a $0.4382 dividend. This represents a $1.75 annualized dividend and a dividend yield of 4.18%. The ex-dividend date is Tuesday, February 18th. Fortis’s dividend payout ratio (DPR) is 76.05%.
Institutional Trading of Fortis
Several hedge funds have recently bought and sold shares of the company. Toronto Dominion Bank lifted its stake in shares of Fortis by 26.9% in the 2nd quarter. Toronto Dominion Bank now owns 9,071,484 shares of the utilities provider’s stock worth $352,336,000 after acquiring an additional 1,920,728 shares during the period. National Bank of Canada FI grew its stake in shares of Fortis by 21.8% in the 3rd quarter. National Bank of Canada FI now owns 5,190,336 shares of the utilities provider’s stock worth $235,839,000 after purchasing an additional 930,331 shares during the last quarter. Canada Pension Plan Investment Board boosted its holdings in Fortis by 31.4% during the second quarter. Canada Pension Plan Investment Board now owns 2,142,695 shares of the utilities provider’s stock worth $83,259,000 after buying an additional 512,103 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Fortis by 15.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,747,036 shares of the utilities provider’s stock valued at $170,230,000 after acquiring an additional 507,068 shares during the last quarter. Finally, Point72 Europe London LLP increased its holdings in shares of Fortis by 413.6% in the 3rd quarter. Point72 Europe London LLP now owns 395,474 shares of the utilities provider’s stock valued at $17,973,000 after purchasing an additional 318,474 shares during the period. 57.77% of the stock is currently 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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