What is Scotiabank’s Estimate for Fortis FY2024 Earnings?

Fortis Inc. (NYSE:FTS) – Analysts at Scotiabank cut their FY2024 earnings estimates for Fortis in a research report issued on Wednesday, January 8th. Scotiabank analyst R. Hope now expects that the utilities provider will post earnings per share of $2.27 for the year, down from their prior forecast of $2.40. The consensus estimate for Fortis’ current full-year earnings is $2.32 per share. Scotiabank also issued estimates for Fortis’ FY2025 earnings at $2.33 EPS.

Fortis (NYSE:FTS) last announced its earnings results on Tuesday, November 5th. The utilities provider reported $0.85 EPS 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 net margin of 14.06% and a return on equity of 7.01%. During the same quarter last year, the firm posted $0.63 EPS.

Several other analysts also recently weighed in on FTS. Bank of America started coverage on Fortis in a research note on Friday, September 20th. They set an “underperform” rating for the company. Raymond James cut Fortis from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th.

Fortis Trading Down 0.2 %

Shares of NYSE:FTS opened at $40.71 on Monday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 0.74. The stock’s 50-day moving average is $43.13 and its 200-day moving average is $43.07. The company has a market cap of $20.33 billion, a P/E ratio of 17.11, a P/E/G ratio of 3.87 and a beta of 0.50. Fortis has a 52-week low of $36.86 and a 52-week high of $46.06.

Fortis Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Tuesday, February 18th will be issued a $0.4382 dividend. The ex-dividend date is Tuesday, February 18th. This represents a $1.75 annualized dividend and a yield of 4.31%. Fortis’s dividend payout ratio (DPR) is 71.43%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Acadian Asset Management LLC acquired a new stake in Fortis during the second quarter valued at approximately $948,000. American Century Companies Inc. boosted its stake in Fortis by 6.6% in the 2nd quarter. American Century Companies Inc. now owns 87,075 shares of the utilities provider’s stock valued at $3,384,000 after buying an additional 5,408 shares in the last quarter. DekaBank Deutsche Girozentrale grew its position in Fortis by 41.4% in the second quarter. DekaBank Deutsche Girozentrale now owns 424,992 shares of the utilities provider’s stock valued at $16,503,000 after acquiring an additional 124,483 shares during the period. Envestnet Asset Management Inc. lifted its holdings in shares of Fortis by 35.3% during the second quarter. Envestnet Asset Management Inc. now owns 179,040 shares of the utilities provider’s stock valued at $6,954,000 after acquiring an additional 46,722 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Fortis by 4.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 489,343 shares of the utilities provider’s stock valued at $19,006,000 after purchasing an additional 21,059 shares in the last quarter. 57.77% of the stock is currently owned by institutional investors and hedge funds.

About Fortis

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.