Fortis (NYSE:FTS) Coverage Initiated by Analysts at Desjardins

Desjardins initiated coverage on shares of Fortis (NYSE:FTS - Free Report) in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports. The firm issued a hold rating on the utilities provider's stock. Desjardins also issued estimates for Fortis' Q1 2025 earnings at $0.69 EPS, Q2 2025 earnings at $0.50 EPS, Q3 2025 earnings at $0.62 EPS, Q4 2025 earnings at $0.63 EPS, Q4 2025 earnings at $0.61 EPS, FY2025 earnings at $2.46 EPS, FY2025 earnings at $2.44 EPS, FY2026 earnings at $2.61 EPS, FY2027 earnings at $2.74 EPS, FY2028 earnings at $2.89 EPS and FY2029 earnings at $3.05 EPS.

Separately, Jefferies Financial Group began coverage on shares of Fortis in a report on Thursday, February 13th. They set a "hold" rating on the stock. Two equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $72.00.

Fortis Trading Down 1.0 %

FTS stock traded down $0.48 during midday trading on Tuesday, reaching $48.02. 587,929 shares of the company traded hands, compared to its average volume of 623,307. The firm has a market capitalization of $24.09 billion, a price-to-earnings ratio of 20.35, a P/E/G ratio of 3.94 and a beta of 0.50. Fortis has a 52-week low of $38.15 and a 52-week high of $50.06. The business has a 50 day moving average of $46.45 and a 200-day moving average of $44.31. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.63 and a current ratio of 0.63.

Fortis (NYSE:FTS - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The utilities provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.01. Fortis had a return on equity of 7.09% and a net margin of 14.12%. The company had revenue of $2.31 billion for the quarter, compared to analyst estimates of $3.42 billion. During the same quarter in the prior year, the firm posted $0.93 EPS. As a group, sell-side analysts expect that Fortis will post 2.35 earnings per share for the current fiscal year.

Fortis Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 16th will be given a dividend of $0.4324 per share. The ex-dividend date is Friday, May 16th. This represents a $1.73 annualized dividend and a dividend yield of 3.60%. Fortis's dividend payout ratio (DPR) is 71.73%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FTS. Blue Trust Inc. grew its stake in 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 in the last quarter. Cullen Frost Bankers Inc. purchased a new stake in shares of Fortis in the first quarter valued at approximately $28,000. Golden State Wealth Management LLC bought a new position in Fortis in the fourth quarter worth approximately $38,000. Versant Capital Management Inc increased its holdings in Fortis by 34.1% during the 4th 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. Finally, Farther Finance Advisors LLC raised its position in Fortis by 286.7% during the 1st quarter. Farther Finance Advisors LLC now owns 1,106 shares of the utilities provider's stock valued at $51,000 after purchasing an additional 820 shares in the last quarter. Hedge funds and other 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.