Fortis Inc. (NYSE:FTS) Expected to Post FY2023 Earnings of $2.23 Per Share

Fortis Inc. (NYSE:FTSFree Report) – National Bank Financial raised their FY2023 earnings estimates for shares of Fortis in a report issued on Monday, January 29th. National Bank Financial analyst P. Kenny now anticipates that the utilities provider will earn $2.23 per share for the year, up from their prior forecast of $2.18. The consensus estimate for Fortis’ current full-year earnings is $2.25 per share. National Bank Financial also issued estimates for Fortis’ FY2024 earnings at $2.38 EPS and FY2025 earnings at $2.46 EPS.

Several other brokerages have also issued reports on FTS. JPMorgan Chase & Co. lowered shares of Fortis from a “neutral” rating to an “underweight” rating in a research note on Tuesday, December 12th. StockNews.com downgraded shares of Fortis from a “hold” rating to a “sell” rating in a research report on Tuesday, October 31st. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $55.30.

Read Our Latest Stock Analysis on FTS

Fortis Stock Down 0.4 %

Shares of NYSE:FTS opened at $40.14 on Thursday. Fortis has a 12 month low of $36.30 and a 12 month high of $46.28. The company’s 50-day moving average price is $40.72 and its two-hundred day moving average price is $40.46. The company has a quick ratio of 0.62, a current ratio of 0.71 and a debt-to-equity ratio of 1.25. The firm has a market cap of $19.69 billion, a P/E ratio of 17.53, a P/E/G ratio of 3.07 and a beta of 0.45.

Fortis Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 1st. Shareholders of record on Friday, February 16th will be issued a dividend of $0.435 per share. The ex-dividend date is Thursday, February 15th. This represents a $1.74 annualized dividend and a yield of 4.34%. Fortis’s dividend payout ratio (DPR) is currently 76.42%.

Institutional Trading of Fortis

Several hedge funds have recently bought and sold shares of the stock. Stifel Financial Corp raised its holdings in Fortis by 0.9% during the 1st quarter. Stifel Financial Corp now owns 28,674 shares of the utilities provider’s stock worth $1,220,000 after buying an additional 242 shares during the period. Captrust Financial Advisors raised its holdings in shares of Fortis by 2.4% in the third quarter. Captrust Financial Advisors now owns 10,638 shares of the utilities provider’s stock valued at $404,000 after purchasing an additional 253 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Fortis by 1.5% in the third quarter. Rhumbline Advisers now owns 17,463 shares of the utilities provider’s stock valued at $663,000 after purchasing an additional 265 shares during the last quarter. Farmers & Merchants Investments Inc. raised its holdings in shares of Fortis by 0.3% in the fourth quarter. Farmers & Merchants Investments Inc. now owns 109,817 shares of the utilities provider’s stock valued at $4,517,000 after purchasing an additional 313 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Fortis by 9.9% in the first quarter. PNC Financial Services Group Inc. now owns 3,569 shares of the utilities provider’s stock valued at $177,000 after purchasing an additional 322 shares during the last quarter. 50.18% of the stock is currently owned by institutional investors and hedge funds.

Fortis Company Profile

(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.

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