Raymond James Weighs in on Fortis’ Q4 Earnings (NYSE:FTS)

Fortis Inc. (NYSE:FTS) – Research analysts at Raymond James reduced their Q4 2024 earnings estimates for Fortis in a report issued on Thursday, January 30th. Raymond James analyst T. Genzebu now expects that the utilities provider will post earnings of $0.57 per share for the quarter, down from their previous forecast of $0.60. Raymond James has a “Market Perform” rating on the stock. The consensus estimate for Fortis’ current full-year earnings is $2.29 per share. Raymond James also issued estimates for Fortis’ Q1 2025 earnings at $0.64 EPS, Q2 2025 earnings at $0.45 EPS, Q3 2025 earnings at $0.58 EPS, Q4 2025 earnings at $0.63 EPS and FY2025 earnings at $2.29 EPS.

Fortis (NYSE:FTS) last issued 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 firm had revenue of $2.03 billion for 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 period in the prior year, the business posted $0.63 earnings per share.

Fortis Stock Up 1.2 %

Shares of FTS opened at $42.80 on Friday. The firm has a fifty day moving average price of $42.62 and a 200-day moving average price of $43.28. The company has a current ratio of 0.74, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32. The firm has a market capitalization of $21.37 billion, a P/E ratio of 17.98, a P/E/G ratio of 3.79 and a beta of 0.50. Fortis has a 12-month low of $36.86 and a 12-month high of $46.06.

Fortis Cuts Dividend

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

Institutional Trading of Fortis

Several institutional investors and hedge funds have recently modified their holdings of the stock. Blue Trust Inc. increased its stake in shares of Fortis by 724.3% in 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 last quarter. Golden State Wealth Management LLC acquired a new stake in Fortis during the fourth quarter worth about $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 acquired a new position in Fortis in the 3rd quarter valued at about $44,000. Finally, Cromwell Holdings LLC raised its position in Fortis by 52.2% in the third quarter. Cromwell Holdings LLC now owns 1,837 shares of the utilities provider’s stock valued at $83,000 after purchasing an additional 630 shares during the period. Institutional investors 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.