National Bank Financial Estimates Fortis FY2024 Earnings

Fortis Inc. (NYSE:FTS) – National Bank Financial upped their FY2024 earnings estimates for Fortis in a research report issued on Monday, January 6th. National Bank Financial analyst P. Kenny now forecasts that the utilities provider will post earnings of $2.24 per share for the year, up from their prior 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.

Fortis (NYSE:FTS) last announced its quarterly earnings results on Tuesday, November 5th. The utilities provider reported $0.85 EPS for the quarter, beating the consensus estimate of $0.59 by $0.26. The company had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.01 billion. Fortis had a return on equity of 7.01% and a net margin of 14.06%. During the same quarter last year, the company posted $0.63 earnings per share.

A number of other analysts also recently weighed in on the stock. Bank of America assumed coverage on shares of Fortis in a report on Friday, September 20th. They issued 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 Trading Up 0.4 %

Fortis stock opened at $41.95 on Thursday. The firm has a market capitalization of $20.87 billion, a PE ratio of 17.63, a PEG ratio of 3.87 and a beta of 0.50. The business’s 50-day simple moving average is $43.23 and its 200-day simple moving average is $43.00. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 0.74. Fortis has a 52 week low of $36.86 and a 52 week high of $46.06.

Fortis Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders 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 of this dividend is Tuesday, February 18th. Fortis’s payout ratio is 76.05%.

Hedge Funds Weigh In On Fortis

Several institutional investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc increased its position in shares of Fortis by 34.1% in the 4th quarter. Versant Capital Management Inc now owns 1,006 shares of the utilities provider’s stock valued at $42,000 after buying an additional 256 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of Fortis during the third quarter worth $44,000. Cromwell Holdings LLC boosted its stake in Fortis by 52.2% in the 3rd quarter. Cromwell Holdings LLC now owns 1,837 shares of the utilities provider’s stock worth $83,000 after purchasing an additional 630 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Fortis in the 3rd quarter valued at about $149,000. Finally, CHICAGO TRUST Co NA bought a new position in shares of Fortis during the third quarter worth about $209,000. 57.77% of the stock is owned by institutional investors.

About Fortis

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.