FY2024 Earnings Estimate for Fortis Issued By Raymond James

Fortis Inc. (NYSE:FTS) – Stock analysts at Raymond James lifted their FY2024 EPS estimates for Fortis in a note issued to investors on Tuesday, November 5th. Raymond James analyst D. Quezada now forecasts that the utilities provider will earn $2.37 per share for the year, up from their prior estimate of $2.33. Raymond James has a “Market Perform” rating on the stock. The consensus estimate for Fortis’ current full-year earnings is $2.33 per share. Raymond James also issued estimates for Fortis’ Q1 2025 earnings at $0.67 EPS and Q2 2025 earnings at $0.47 EPS.

Other analysts have also issued research reports about the company. Bank of America began coverage on Fortis in a report on Friday, September 20th. They issued an “underperform” rating for the company. StockNews.com raised Fortis from a “sell” rating to a “hold” rating in a research report on Sunday, August 4th. Finally, UBS Group raised shares of Fortis to a “strong sell” rating in a report on Tuesday, September 10th. Three research analysts have rated the stock with a sell rating and two have issued a hold rating to the company. According to MarketBeat.com, the company has an average rating of “Reduce”.

Fortis Stock Performance

Shares of Fortis stock opened at $43.58 on Thursday. Fortis has a 1 year low of $36.86 and a 1 year high of $46.06. The firm’s 50-day moving average is $44.45 and its 200 day moving average is $41.92. The stock has a market cap of $21.67 billion, a price-to-earnings ratio of 18.46, a PEG ratio of 3.87 and a beta of 0.47. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.69 and a quick ratio of 0.58.

Fortis Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Monday, November 18th will be given a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a yield of 5.65%. The ex-dividend date of this dividend is Monday, November 18th. This is a boost from Fortis’s previous quarterly dividend of $0.43. Fortis’s dividend payout ratio is 72.46%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Private Advisor Group LLC bought a new position in shares of Fortis in the 1st quarter worth approximately $725,000. Quantbot Technologies LP purchased a new position in shares of Fortis during the 1st quarter worth $1,485,000. Sciencast Management LP bought a new stake in shares of Fortis during the 1st quarter valued at $214,000. Forsta AP Fonden increased its stake in shares of Fortis by 10.9% in the 1st quarter. Forsta AP Fonden now owns 145,000 shares of the utilities provider’s stock worth $5,735,000 after purchasing an additional 14,200 shares in the last quarter. Finally, Headlands Technologies LLC bought a new position in Fortis in the 1st quarter worth $69,000. 57.77% of the stock is owned by hedge funds and other institutional investors.

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.