What is Raymond James’ Estimate for Fortis FY2024 Earnings?

Fortis Inc. (NYSE:FTS) – Raymond James cut their FY2024 EPS estimates for shares of Fortis in a research report issued on Thursday, January 30th. Raymond James analyst T. Genzebu now forecasts that the utilities provider will post earnings of $2.26 per share for the year, down from their previous estimate of $2.37. Raymond James currently 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 issued its earnings results on Tuesday, November 5th. The utilities provider reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.26. The business had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.01 billion. Fortis had a net margin of 14.06% and a return on equity of 7.01%. During the same quarter in the previous year, the firm earned $0.63 earnings per share.

Fortis Stock Performance

Shares of FTS opened at $42.77 on Monday. The company has a 50-day simple moving average of $42.48 and a 200-day simple moving average of $43.36. The company has a quick ratio of 0.63, a current ratio of 0.74 and a debt-to-equity ratio of 1.32. The company has a market capitalization of $21.35 billion, a PE ratio of 17.97, a P/E/G ratio of 3.85 and a beta of 0.50. Fortis has a 52-week low of $36.86 and a 52-week high of $46.06.

Fortis Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Tuesday, February 18th will be issued a dividend of $0.4382 per share. This represents a $1.75 dividend on an annualized basis and a yield of 4.10%. The ex-dividend date is Tuesday, February 18th. Fortis’s dividend payout ratio (DPR) is presently 79.41%.

Institutional Investors Weigh In On Fortis

Several hedge funds have recently made changes to their positions in FTS. National Bank of Canada FI increased its position in shares of Fortis by 21.8% in the third quarter. National Bank of Canada FI now owns 5,190,336 shares of the utilities provider’s stock worth $235,839,000 after acquiring an additional 930,331 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Fortis by 15.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,747,036 shares of the utilities provider’s stock worth $170,230,000 after buying an additional 507,068 shares during the last quarter. Point72 Europe London LLP grew its position in shares of Fortis by 413.6% in the 3rd quarter. Point72 Europe London LLP now owns 395,474 shares of the utilities provider’s stock worth $17,973,000 after acquiring an additional 318,474 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Fortis in the 3rd quarter valued at approximately $13,236,000. Finally, JPMorgan Chase & Co. raised its position in shares of Fortis by 9.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,890,184 shares of the utilities provider’s stock valued at $131,330,000 after acquiring an additional 250,630 shares in the last quarter. Institutional investors and hedge funds own 57.77% of the company’s stock.

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.