FY2024 Earnings Forecast for Fortis Inc. (NYSE:FTS) Issued By Raymond James

Fortis Inc. (NYSE:FTS) – Raymond James raised their FY2024 earnings estimates for shares of Fortis in a report issued on Wednesday, May 1st. Raymond James analyst D. Quezada now anticipates that the utilities provider will earn $2.34 per share for the year, up from their prior forecast of $2.33. The consensus estimate for Fortis’ current full-year earnings is $2.35 per share. Raymond James also issued estimates for Fortis’ Q4 2024 earnings at $0.62 EPS.

Fortis (NYSE:FTS) last announced its quarterly earnings results on Friday, February 9th. The utilities provider reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.01. The company had revenue of $2.12 billion during the quarter, compared to the consensus estimate of $2.39 billion. Fortis had a return on equity of 7.02% and a net margin of 13.66%. During the same period in the prior year, the company earned $0.53 earnings per share.

Separately, StockNews.com lowered Fortis from a “hold” rating to a “sell” rating in a research note on Thursday, April 11th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Fortis currently has a consensus rating of “Hold” and a consensus target price of $55.13.

Fortis Trading Up 0.3 %

Shares of NYSE:FTS opened at $40.22 on Monday. The company has a 50-day simple moving average of $39.15 and a 200 day simple moving average of $39.96. The company has a market capitalization of $19.83 billion, a P/E ratio of 17.33, a price-to-earnings-growth ratio of 2.83 and a beta of 0.42. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.52 and a current ratio of 0.60. Fortis has a 52-week low of $36.30 and a 52-week high of $46.28.

Hedge Funds Weigh In On Fortis

Several large investors have recently modified their holdings of FTS. Rational Advisors LLC acquired a new stake in Fortis in the third quarter valued at $41,000. Dixon Mitchell Investment Counsel Inc. bought a new stake in shares of Fortis in the 1st quarter valued at about $60,000. NBC Securities Inc. acquired a new stake in shares of Fortis in the third quarter valued at about $96,000. Lindbrook Capital LLC raised its position in shares of Fortis by 111.2% during the fourth quarter. Lindbrook Capital LLC now owns 2,598 shares of the utilities provider’s stock worth $107,000 after acquiring an additional 1,368 shares during the last quarter. Finally, Gulf International Bank UK Ltd lifted its stake in shares of Fortis by 9.0% in the first quarter. Gulf International Bank UK Ltd now owns 3,340 shares of the utilities provider’s stock worth $132,000 after acquiring an additional 276 shares during the period. Institutional investors own 57.77% of the company’s stock.

Fortis Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Friday, May 17th will be given a $0.4382 dividend. This is a boost from Fortis’s previous quarterly dividend of $0.44. This represents a $1.75 annualized dividend and a yield of 4.36%. The ex-dividend date is Thursday, May 16th. Fortis’s dividend payout ratio is 55.17%.

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.