Research Analysts Set Expectations for Fortis Inc.’s Q3 2023 Earnings (NYSE:FTS)

Posted by Defense World Staff on Sep 25th, 2023

Fortis Inc. (NYSE:FTS – Free Report) – Investment analysts at Raymond James cut their Q3 2023 earnings per share estimates for Fortis in a research report issued on Thursday, September 21st. Raymond James analyst D. Quezada now expects that the utilities provider will post earnings of $0.54 per share for the quarter, down from their previous estimate of $0.55. Raymond James has a “Outperform” rating and a $62.00 price objective on the stock. The consensus estimate for Fortis’ current full-year earnings is $2.20 per share. Raymond James also issued estimates for Fortis’ Q3 2024 earnings at $0.61 EPS, Q4 2024 earnings at $0.61 EPS and FY2024 earnings at $2.35 EPS.

Fortis (NYSE:FTS – Get Free Report) last issued its earnings results on Wednesday, August 2nd. The utilities provider reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. The firm had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.99 billion. Fortis had a return on equity of 6.68% and a net margin of 12.40%. During the same quarter in the previous year, the firm earned $0.44 earnings per share.

Several other research analysts also recently issued reports on the company. Bank of America lowered their price objective on Fortis from $38.00 to $37.00 in a research note on Wednesday, September 20th. Credit Suisse Group lowered their price objective on Fortis from $61.50 to $60.50 and set a “neutral” rating for the company in a research note on Thursday, August 24th. StockNews.com raised Fortis from a “sell” rating to a “hold” rating in a research note on Tuesday, September 12th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $61.00 price objective on shares of Fortis in a research note on Thursday. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Fortis presently has an average rating of “Hold” and an average price target of $56.81.

Read Our Latest Report on Fortis

Fortis Stock Performance

Fortis stock opened at $40.31 on Monday. The business has a 50 day moving average of $40.69 and a 200-day moving average of $42.16. Fortis has a 1 year low of $34.76 and a 1 year high of $46.28. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.79 and a quick ratio of 0.69. The company has a market capitalization of $19.61 billion, a P/E ratio of 18.24, a P/E/G ratio of 3.66 and a beta of 0.45.

Fortis Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be given a dividend of $0.437 per share. This represents a $1.75 dividend on an annualized basis and a yield of 4.34%. The ex-dividend date is Thursday, November 16th. This is an increase from Fortis’s previous quarterly dividend of $0.43. Fortis’s dividend payout ratio is currently 75.57%.

Institutional Trading of Fortis

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FTS. Banque Cantonale Vaudoise bought a new position in shares of Fortis during the 1st quarter worth approximately $25,000. IFP Advisors Inc boosted its holdings in shares of Fortis by 78.7% during the 2nd quarter. IFP Advisors Inc now owns 888 shares of the utilities provider’s stock worth $29,000 after buying an additional 391 shares in the last quarter. Power Corp of Canada bought a new position in shares of Fortis during the 1st quarter worth approximately $31,000. Carmichael Hill & Associates Inc. bought a new position in shares of Fortis during the 1st quarter worth approximately $33,000. Finally, CoreCap Advisors LLC bought a new position in shares of Fortis during the 4th quarter worth approximately $37,000. Institutional investors and hedge funds own 50.18% of the company’s stock.

About Fortis

(Get Free Report)

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.