Fortis Inc. (NYSE:FTS) Expected to Earn Q4 2023 Earnings of $0.53 Per Share

Fortis Inc. (NYSE:FTSFree Report) – Research analysts at National Bank Financial issued their Q4 2023 earnings per share (EPS) estimates for shares of Fortis in a report released on Tuesday, February 6th. National Bank Financial analyst P. Kenny expects that the utilities provider will post earnings of $0.53 per share for the quarter. The consensus estimate for Fortis’ current full-year earnings is $2.26 per share.

Other equities analysts have also recently issued reports about the stock. StockNews.com cut shares of Fortis from a “hold” rating to a “sell” rating in a research note on Tuesday, October 31st. JPMorgan Chase & Co. lowered shares of Fortis from a “neutral” rating to an “underweight” rating in a research report on Tuesday, December 12th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Fortis currently has a consensus rating of “Hold” and a consensus target price of $55.30.

View Our Latest Analysis on Fortis

Fortis Stock Down 1.0 %

Fortis stock opened at $38.95 on Thursday. The stock’s 50 day moving average price is $40.60 and its 200 day moving average price is $40.34. Fortis has a 1-year low of $36.30 and a 1-year high of $46.28. The company has a market cap of $19.11 billion, a PE ratio of 17.01, a price-to-earnings-growth ratio of 3.02 and a beta of 0.44. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.71 and a quick ratio of 0.62.

Fortis Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 1st. Shareholders of record on Friday, February 16th will be issued a dividend of $0.435 per share. The ex-dividend date of this dividend is Thursday, February 15th. This represents a $1.74 annualized dividend and a yield of 4.47%. Fortis’s dividend payout ratio (DPR) is currently 76.42%.

Institutional Trading of Fortis

Several institutional investors and hedge funds have recently modified their holdings of the business. Addison Capital Co raised its position in shares of Fortis by 14.7% during the 4th quarter. Addison Capital Co now owns 36,539 shares of the utilities provider’s stock worth $1,503,000 after purchasing an additional 4,678 shares during the last quarter. Quadrant Capital Group LLC raised its holdings in shares of Fortis by 20.7% in the fourth quarter. Quadrant Capital Group LLC now owns 4,586 shares of the utilities provider’s stock worth $189,000 after acquiring an additional 786 shares during the last quarter. Guardian Capital Advisors LP lifted its position in shares of Fortis by 8.8% in the fourth quarter. Guardian Capital Advisors LP now owns 244,685 shares of the utilities provider’s stock valued at $10,405,000 after acquiring an additional 19,785 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Fortis by 12.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 490,760 shares of the utilities provider’s stock valued at $20,185,000 after acquiring an additional 54,417 shares during the last quarter. Finally, Canoe Financial LP increased its position in Fortis by 218.3% during the 4th quarter. Canoe Financial LP now owns 199,031 shares of the utilities provider’s stock worth $8,186,000 after purchasing an additional 136,495 shares in the last quarter. Hedge funds and other institutional investors own 50.18% of the company’s stock.

About Fortis

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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 443,000 retail customers in southeastern Arizona; and 102,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,328 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.

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