National Bank Financial Estimates Fortis FY2024 Earnings

Fortis Inc. (NYSE:FTS) – Analysts at National Bank Financial dropped their FY2024 earnings per share (EPS) estimates for shares of Fortis in a research note issued to investors on Tuesday, November 5th. National Bank Financial analyst P. Kenny now expects that the utilities provider will post earnings per share of $2.21 for the year, down from their prior forecast of $2.28. The consensus estimate for Fortis’ current full-year earnings is $2.33 per share. National Bank Financial also issued estimates for Fortis’ FY2025 earnings at $2.45 EPS.

Fortis (NYSE:FTS) last issued its quarterly earnings results on Tuesday, November 5th. The utilities provider reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.26. The business had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.01 billion. Fortis had a net margin of 13.90% and a return on equity of 7.04%. During the same quarter in the prior year, the company earned $0.63 earnings per share.

A number of other equities research analysts also recently commented on FTS. Raymond James downgraded shares of Fortis from an “outperform” rating to a “market perform” rating in a research report on Wednesday. StockNews.com upgraded shares of Fortis from a “sell” rating to a “hold” rating in a research note on Sunday, August 4th. UBS Group raised Fortis to a “strong sell” rating in a report on Tuesday, September 10th. Finally, Bank of America began coverage on Fortis in a report on Friday, September 20th. They issued an “underperform” rating for the company. Three investment analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. According to data from MarketBeat.com, Fortis currently has an average rating of “Reduce”.

Fortis Stock Up 0.6 %

Fortis stock opened at $43.86 on Thursday. Fortis has a twelve month low of $36.86 and a twelve month high of $46.06. The firm has a market capitalization of $21.81 billion, a P/E ratio of 18.58, a P/E/G ratio of 3.87 and a beta of 0.47. The company has a current ratio of 0.69, a quick ratio of 0.58 and a debt-to-equity ratio of 1.26. The stock’s fifty day simple moving average is $44.45 and its 200-day simple moving average is $41.92.

Fortis Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Monday, November 18th will be paid 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 yield of 5.61%. This is a boost from Fortis’s previous quarterly dividend of $0.43. Fortis’s dividend payout ratio is currently 72.46%.

Institutional Trading of Fortis

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC raised its holdings in Fortis by 123.5% during the first quarter. EverSource Wealth Advisors LLC now owns 666 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 368 shares in the last quarter. Ridgewood Investments LLC acquired a new position in Fortis during the 2nd quarter worth approximately $32,000. Bessemer Group Inc. raised its stake in shares of Fortis by 53.6% during the 1st quarter. Bessemer Group Inc. now owns 992 shares of the utilities provider’s stock worth $40,000 after buying an additional 346 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of Fortis in the 1st quarter valued at approximately $69,000. Finally, 1620 Investment Advisors Inc. purchased a new stake in shares of Fortis in the second quarter valued at approximately $80,000. 57.77% of the stock is owned by hedge funds and other 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.