Fortis Inc. (NYSE:FTS) to Post Q2 2024 Earnings of $0.47 Per Share, Raymond James Forecasts

Fortis Inc. (NYSE:FTS) – Raymond James decreased their Q2 2024 EPS estimates for shares of Fortis in a report issued on Thursday, April 25th. Raymond James analyst D. Quezada now expects that the utilities provider will post earnings of $0.47 per share for the quarter, down from their prior estimate 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 cut shares of Fortis from a “hold” rating to a “sell” rating in a report on Thursday, April 11th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Fortis presently has an average rating of “Hold” and a consensus target price of $55.13.

Fortis Price Performance

Shares of FTS opened at $39.32 on Friday. The stock has a market cap of $19.39 billion, a PE ratio of 17.10, a price-to-earnings-growth ratio of 2.74 and a beta of 0.42. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.58 and a current ratio of 0.67. Fortis has a fifty-two week low of $36.30 and a fifty-two week high of $46.28. The firm’s 50-day simple moving average is $39.09 and its two-hundred day simple moving average is $39.97.

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

Fortis Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Friday, May 17th will be paid a $0.4382 dividend. This represents a $1.75 annualized dividend and a dividend yield of 4.46%. The ex-dividend date is Thursday, May 16th. This is an increase from Fortis’s previous quarterly dividend of $0.44. Fortis’s dividend payout ratio is currently 55.65%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in FTS. Rational Advisors LLC bought a new position in Fortis during the third quarter valued at approximately $41,000. Dixon Mitchell Investment Counsel Inc. bought a new position in Fortis during the first quarter valued at approximately $60,000. NBC Securities Inc. bought a new position in Fortis during the third quarter valued at approximately $96,000. Lindbrook Capital LLC lifted its position in Fortis by 111.2% during the fourth quarter. Lindbrook Capital LLC now owns 2,598 shares of the utilities provider’s stock valued at $107,000 after purchasing an additional 1,368 shares during the period. Finally, Gulf International Bank UK Ltd lifted its position in Fortis by 9.0% during the first quarter. Gulf International Bank UK Ltd now owns 3,340 shares of the utilities provider’s stock valued at $132,000 after purchasing an additional 276 shares during the period. Institutional investors own 57.77% of the company’s stock.

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.