Zacks: Analysts Expect Fortis Inc. (FTS) to Post $0.45 EPS
Equities research analysts forecast that Fortis Inc. (NYSE:FTS) will announce earnings per share (EPS) of $0.45 for the current fiscal quarter, Zacks Investment Research reports. Zero analysts have provided estimates for Fortis’ earnings. Fortis posted earnings of $0.41 per share in the same quarter last year, which indicates a positive year-over-year growth rate of 9.8%. The firm is expected to issue its next earnings results on Friday, November 3rd.
On average, analysts expect that Fortis will report full-year earnings of $1.95 per share for the current year, with EPS estimates ranging from $1.80 to $2.05. For the next financial year, analysts anticipate that the company will post earnings of $2.03 per share, with EPS estimates ranging from $1.82 to $2.12. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research firms that that provide coverage for Fortis.
Fortis (NYSE:FTS) last announced its earnings results on Friday, July 28th. The utilities provider reported $0.45 EPS for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.04. Fortis had a return on equity of 6.87% and a net margin of 11.03%. The firm had revenue of $2.02 billion during the quarter, compared to analysts’ expectations of $2.16 billion. During the same quarter in the previous year, the business earned $0.45 EPS. The company’s quarterly revenue was up 35.7% on a year-over-year basis.
A number of equities research analysts have recently issued reports on FTS shares. Zacks Investment Research upgraded Fortis from a “strong sell” rating to a “hold” rating and set a $39.00 price target for the company in a research report on Monday, July 3rd. CIBC lowered Fortis from an “outperform” rating to a “neutral” rating in a research report on Thursday, August 3rd. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Fortis has a consensus rating of “Hold” and an average target price of $38.00.
Shares of Fortis (NYSE:FTS) traded up 0.52% during midday trading on Wednesday, hitting $37.06. The company had a trading volume of 131,233 shares. The company has a market capitalization of $15.49 billion and a PE ratio of 20.24. Fortis has a 12 month low of $29.14 and a 12 month high of $37.54. The company has a 50-day moving average of $36.18 and a 200-day moving average of $33.91.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Monday, August 21st were given a $0.3197 dividend. This represents a $1.28 annualized dividend and a yield of 3.45%. This is a positive change from Fortis’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Thursday, August 17th. Fortis’s dividend payout ratio is presently 74.42%.
A number of institutional investors have recently modified their holdings of FTS. Bank of Montreal Can grew its position in Fortis by 21.9% in the second quarter. Bank of Montreal Can now owns 25,618,736 shares of the utilities provider’s stock worth $900,499,000 after acquiring an additional 4,594,810 shares during the period. FMR LLC grew its position in Fortis by 11.8% in the second quarter. FMR LLC now owns 10,358,373 shares of the utilities provider’s stock worth $364,077,000 after acquiring an additional 1,090,988 shares during the period. Mackenzie Financial Corp purchased a new position in Fortis in the first quarter worth approximately $33,896,000. CIBC Asset Management Inc grew its position in Fortis by 21.8% in the second quarter. CIBC Asset Management Inc now owns 5,425,532 shares of the utilities provider’s stock worth $190,477,000 after acquiring an additional 971,742 shares during the period. Finally, Franklin Resources Inc. grew its position in Fortis by 51.1% in the second quarter. Franklin Resources Inc. now owns 2,714,989 shares of the utilities provider’s stock worth $95,467,000 after acquiring an additional 918,369 shares during the period. Institutional investors own 52.31% 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. It generates, transmits, and distributes electricity to approximately 420,000 retail customers in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail customers in Arizonas Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.
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