What is Scotiabank’s Estimate for Fortis FY2024 Earnings?

Fortis Inc. (NYSE:FTS) – Investment analysts at Scotiabank cut their FY2024 earnings per share estimates for shares of Fortis in a research note issued on Wednesday, January 8th. Scotiabank analyst R. Hope now anticipates that the utilities provider will post earnings of $2.27 per share for the year, down from their prior estimate of $2.40. The consensus estimate for Fortis’ current full-year earnings is $2.32 per share. Scotiabank also issued estimates for Fortis’ FY2025 earnings at $2.33 EPS.

A number of other brokerages have also recently commented on FTS. Bank of America started coverage on Fortis in a research note on Friday, September 20th. They set an “underperform” rating on the stock. Raymond James cut Fortis from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 6th.

Fortis Stock Down 2.9 %

Shares of Fortis stock opened at $40.79 on Monday. Fortis has a twelve month low of $36.86 and a twelve month high of $46.06. The stock has a market cap of $20.29 billion, a price-to-earnings ratio of 17.14, a price-to-earnings-growth ratio of 3.87 and a beta of 0.50. The company has a current ratio of 0.74, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32. The company has a fifty day moving average price of $43.16 and a 200 day moving average price of $43.06.

Fortis (NYSE:FTS) last released its quarterly earnings data 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. Fortis had a net margin of 14.06% and a return on equity of 7.01%. The company had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.01 billion. During the same period in the previous year, the firm earned $0.63 earnings per share.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FTS. BNP Paribas Financial Markets acquired a new stake in Fortis during the 3rd quarter valued at approximately $44,000. Versant Capital Management Inc increased its stake in shares of Fortis by 34.1% in the fourth quarter. Versant Capital Management Inc now owns 1,006 shares of the utilities provider’s stock worth $42,000 after buying an additional 256 shares during the last quarter. Cromwell Holdings LLC raised its holdings in Fortis by 52.2% in the third quarter. Cromwell Holdings LLC now owns 1,837 shares of the utilities provider’s stock valued at $83,000 after acquiring an additional 630 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in Fortis during the 3rd quarter valued at $149,000. Finally, CHICAGO TRUST Co NA bought a new stake in shares of Fortis in the 3rd quarter worth about $209,000. Institutional investors and hedge funds own 57.77% of the company’s stock.

Fortis Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Tuesday, February 18th will be paid a dividend of $0.4382 per share. The ex-dividend date is Tuesday, February 18th. This represents a $1.75 annualized dividend and a dividend yield of 4.30%. Fortis’s dividend payout ratio is presently 76.05%.

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.