National Bank Financial Comments on Fortis Q4 Earnings

Fortis Inc. (NYSE:FTS) – Analysts at National Bank Financial issued their Q4 2024 earnings estimates for Fortis in a research report issued to clients and investors on Tuesday, January 28th. National Bank Financial analyst P. Kenny expects that the utilities provider will earn $0.57 per share for the quarter. The consensus estimate for Fortis’ current full-year earnings is $2.29 per share.

Separately, Raymond James downgraded shares of Fortis from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 6th.

Fortis Trading Up 1.2 %

Shares of Fortis stock opened at $42.80 on Thursday. The company has a market capitalization of $21.37 billion, a P/E ratio of 17.98, a price-to-earnings-growth ratio of 3.77 and a beta of 0.50. The stock has a fifty day simple moving average of $42.62 and a 200 day simple moving average of $43.28. Fortis has a 12-month low of $36.86 and a 12-month high of $46.06. The company has a current ratio of 0.74, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32.

Fortis (NYSE:FTS) last issued its quarterly earnings data on Tuesday, November 5th. The utilities provider reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.26. Fortis had a return on equity of 7.01% and a net margin of 14.06%. The firm had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.01 billion. During the same period in the previous year, the company posted $0.63 EPS.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Versant Capital Management Inc boosted its holdings in shares of Fortis by 34.1% in the 4th quarter. Versant Capital Management Inc now owns 1,006 shares of the utilities provider’s stock worth $42,000 after buying an additional 256 shares during the last quarter. JCIC Asset Management Inc. grew its position in shares of Fortis by 5.5% during the 4th quarter. JCIC Asset Management Inc. now owns 5,087 shares of the utilities provider’s stock valued at $211,000 after acquiring an additional 267 shares during the period. Code Waechter LLC increased its stake in shares of Fortis by 1.5% during the 4th quarter. Code Waechter LLC now owns 18,708 shares of the utilities provider’s stock worth $778,000 after purchasing an additional 277 shares during the last quarter. Farmers & Merchants Investments Inc. raised its holdings in shares of Fortis by 0.5% in the 4th quarter. Farmers & Merchants Investments Inc. now owns 89,681 shares of the utilities provider’s stock worth $3,728,000 after purchasing an additional 447 shares during the period. Finally, Blue Trust Inc. lifted its stake in Fortis by 724.3% in the fourth quarter. Blue Trust Inc. now owns 577 shares of the utilities provider’s stock valued at $26,000 after purchasing an additional 507 shares during the last quarter. Institutional investors own 57.77% of the company’s stock.

Fortis Cuts Dividend

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

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.