Fortis Inc. to Post Q1 2023 Earnings of $0.61 Per Share, National Bank Financial Forecasts (NYSE:FTS)

Posted by Defense World Staff on Apr 27th, 2023

Fortis Inc. (NYSE:FTS – Get Rating) – Equities research analysts at National Bank Financial issued their Q1 2023 EPS estimates for Fortis in a research note issued on Monday, April 24th. National Bank Financial analyst P. Kenny anticipates that the utilities provider will post earnings of $0.61 per share for the quarter. The consensus estimate for Fortis’ current full-year earnings is $2.18 per share.

Fortis (NYSE:FTS – Get Rating) last announced its quarterly earnings results on Friday, February 10th. The utilities provider reported $0.53 earnings per share for the quarter, hitting the consensus estimate of $0.53. Fortis had a net margin of 12.20% and a return on equity of 6.48%. The company had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.06 billion.

A number of other analysts have also weighed in on FTS. CIBC upped their price objective on shares of Fortis from C$55.00 to C$57.00 in a research note on Tuesday, January 10th. Scotiabank increased their price target on shares of Fortis from C$57.00 to C$58.00 in a research report on Monday, January 23rd. Royal Bank of Canada reissued a “sector perform” rating and set a $65.00 price target on shares of Fortis in a research report on Friday, March 24th. Finally, StockNews.com began coverage on shares of Fortis in a report on Thursday, March 16th. They set a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $58.75.

Fortis Trading Down 0.4 %

NYSE FTS opened at $43.89 on Wednesday. Fortis has a 12 month low of $34.76 and a 12 month high of $50.89. The company’s 50-day moving average price is $41.83 and its 200-day moving average price is $40.62. The stock has a market cap of $21.26 billion, a PE ratio of 20.68, a PEG ratio of 3.64 and a beta of 0.44. The company has a current ratio of 0.65, a quick ratio of 0.55 and a debt-to-equity ratio of 1.24.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Banque Cantonale Vaudoise acquired a new position in Fortis during the first quarter valued at $25,000. Richard W. Paul & Associates LLC purchased a new position in Fortis in the fourth quarter valued at about $31,000. Power Corp of Canada bought a new stake in shares of Fortis during the 1st quarter worth about $31,000. Carmichael Hill & Associates Inc. bought a new stake in shares of Fortis during the 1st quarter worth about $33,000. Finally, CoreCap Advisors LLC bought a new stake in shares of Fortis during the 4th quarter worth about $37,000. Institutional investors and hedge funds own 49.59% of the company’s stock.

Fortis Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 1st. Shareholders of record on Wednesday, May 17th will be issued a dividend of $0.4211 per share. The ex-dividend date is Tuesday, May 16th. This is an increase from Fortis’s previous quarterly dividend of $0.42. This represents a $1.68 annualized dividend and a yield of 3.84%. Fortis’s payout ratio is currently 79.34%.

About Fortis

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Fortis, Inc is a holding company, which engages in the electric and gas utility industry. It operates under the Regulated Utilities and Non-Regulated segments. The Regulated Utilities segment includes ITC Holdings (ITC), UNS Energy Corporation (UNS Energy), Central Hudson, FortisBC Energy, FortisAlberta, and FortisBC Electric.