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

Fortis Inc. (NYSE:FTS) – Analysts at Raymond James reduced their Q2 2024 earnings per share estimates for shares of Fortis in a report released on Thursday, April 25th. Raymond James analyst D. Quezada now anticipates that the utilities provider will earn $0.47 per share for the quarter, down from their previous 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 Fortis from a “hold” rating to a “sell” rating in a research note on Thursday, April 11th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $55.13.

Fortis Price Performance

Shares of FTS opened at $39.32 on Friday. The company has a market cap of $19.39 billion, a P/E ratio of 17.10, a PEG ratio of 2.74 and a beta of 0.42. The stock has a fifty day moving average price of $39.09 and a 200 day moving average price of $39.97. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.67 and a quick ratio of 0.58. Fortis has a 12 month low of $36.30 and a 12 month high of $46.28.

Fortis (NYSE:FTS) last issued its quarterly earnings data on Friday, February 9th. The utilities provider reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. The firm 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 7.00% and a net margin of 13.22%. During the same period in the prior year, the business earned $0.53 EPS.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of FTS. Rational Advisors LLC bought a new position in Fortis during the third quarter valued at about $41,000. Dixon Mitchell Investment Counsel Inc. purchased a new stake in shares of Fortis during the first quarter valued at $60,000. NBC Securities Inc. purchased a new stake in shares of Fortis during the third quarter valued at $96,000. Lindbrook Capital LLC lifted its holdings 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 valued at $107,000 after purchasing an additional 1,368 shares during the last quarter. Finally, Gulf International Bank UK Ltd lifted its holdings in shares of 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 last quarter. Institutional investors own 57.77% of the company’s stock.

Fortis Increases Dividend

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

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.