FY2024 Earnings Forecast for Fortis Issued By Raymond James

Fortis Inc. (NYSE:FTS) – Research analysts at Raymond James lowered their FY2024 earnings per share estimates for Fortis in a research note issued to investors on Thursday, January 30th. Raymond James analyst T. Genzebu now expects that the utilities provider will post earnings per share of $2.26 for the year, down from their previous estimate of $2.37. Raymond James has a “Market Perform” rating on the stock. The consensus estimate for Fortis’ current full-year earnings is $2.27 per share.

Fortis (NYSE:FTS) last released its quarterly earnings results on Tuesday, November 5th. The utilities provider reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.26. The company had revenue of $2.03 billion during 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 business posted $0.63 earnings per share.

Fortis Stock Performance

Fortis stock opened at $42.75 on Monday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 0.74. The stock has a fifty day moving average of $42.53 and a two-hundred day moving average of $43.34. The company has a market capitalization of $21.34 billion, a price-to-earnings ratio of 17.96, a PEG ratio of 3.85 and a beta of 0.50. Fortis has a fifty-two week low of $36.86 and a fifty-two week high of $46.06.

Hedge Funds Weigh In On Fortis

Large investors have recently added to or reduced their stakes in the business. Blue Trust Inc. lifted its holdings in shares of Fortis by 724.3% during the 4th quarter. Blue Trust Inc. now owns 577 shares of the utilities provider’s stock worth $26,000 after acquiring an additional 507 shares during the period. Golden State Wealth Management LLC acquired a new position in Fortis during the fourth quarter worth approximately $38,000. Versant Capital Management Inc raised its stake in Fortis by 34.1% during the fourth quarter. Versant Capital Management Inc now owns 1,006 shares of the utilities provider’s stock worth $42,000 after purchasing an additional 256 shares during the period. BNP Paribas Financial Markets purchased a new position in Fortis during the third quarter worth approximately $44,000. Finally, Cromwell Holdings LLC raised its stake in Fortis by 52.2% during the third 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. 57.77% of the stock is currently owned by hedge funds and other institutional investors.

Fortis Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Tuesday, February 18th will be given a $0.4382 dividend. This represents a $1.75 dividend on an annualized basis and a dividend yield of 4.10%. The ex-dividend date is Tuesday, February 18th. Fortis’s dividend payout ratio is currently 79.41%.

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.