Q1 2019 EPS Estimates for Fortis Inc Raised by Raymond James (FTS)

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Fortis Inc (NYSE:FTS) – Raymond James upped their Q1 2019 EPS estimates for Fortis in a research report issued on Tuesday, April 23rd. Raymond James analyst D. Quezada now anticipates that the utilities provider will post earnings of $0.57 per share for the quarter, up from their prior estimate of $0.49. Raymond James has a “Market Perform” rating on the stock. Raymond James also issued estimates for Fortis’ Q2 2019 earnings at $0.43 EPS, Q3 2019 earnings at $0.47 EPS, Q4 2019 earnings at $0.49 EPS and FY2019 earnings at $1.94 EPS.

Fortis (NYSE:FTS) last released its quarterly earnings data on Friday, February 15th. The utilities provider reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.19). The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.50 billion. Fortis had a return on equity of 6.43% and a net margin of 13.13%. During the same period in the previous year, the business posted $0.58 earnings per share.

Other equities analysts also recently issued reports about the stock. Zacks Investment Research downgraded shares of Fortis from a “hold” rating to a “sell” rating in a report on Tuesday, April 9th. TD Securities downgraded shares of Fortis from a “buy” rating to a “hold” rating in a report on Tuesday, January 29th. BMO Capital Markets reaffirmed a “buy” rating and set a $50.00 price objective on shares of Fortis in a report on Tuesday, April 16th. UBS Group reaffirmed a “buy” rating on shares of Fortis in a report on Saturday, February 2nd. Finally, ValuEngine downgraded shares of Fortis from a “buy” rating to a “hold” rating in a report on Wednesday, January 2nd. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $51.50.

NYSE:FTS opened at $36.63 on Wednesday. The stock has a market cap of $16.07 billion, a PE ratio of 19.18, a price-to-earnings-growth ratio of 3.85 and a beta of 0.23. Fortis has a 52 week low of $30.88 and a 52 week high of $37.75. The company has a quick ratio of 0.67, a current ratio of 0.77 and a debt-to-equity ratio of 1.40.

The company also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Friday, May 17th will be issued a dividend of $0.343 per share. This is an increase from Fortis’s previous quarterly dividend of $0.34. This represents a $1.37 annualized dividend and a yield of 3.75%. The ex-dividend date of this dividend is Thursday, May 16th. Fortis’s dividend payout ratio (DPR) is currently 71.20%.

A number of hedge funds have recently made changes to their positions in the stock. Morgan Stanley lifted its holdings in Fortis by 7.7% during the 3rd quarter. Morgan Stanley now owns 13,240,227 shares of the utilities provider’s stock valued at $429,249,000 after purchasing an additional 949,811 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Fortis by 3.0% during the 3rd quarter. Vanguard Group Inc. now owns 11,112,501 shares of the utilities provider’s stock valued at $360,268,000 after purchasing an additional 326,547 shares during the last quarter. Vanguard Group Inc lifted its holdings in Fortis by 3.0% during the 3rd quarter. Vanguard Group Inc now owns 11,112,501 shares of the utilities provider’s stock valued at $360,268,000 after purchasing an additional 326,547 shares during the last quarter. TD Asset Management Inc. lifted its holdings in Fortis by 2.6% during the 4th quarter. TD Asset Management Inc. now owns 9,164,182 shares of the utilities provider’s stock valued at $305,361,000 after purchasing an additional 234,746 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its holdings in Fortis by 4.3% during the 4th quarter. Mackenzie Financial Corp now owns 7,145,915 shares of the utilities provider’s stock valued at $238,388,000 after purchasing an additional 294,787 shares during the last quarter. 52.41% of the stock is owned by hedge funds and other institutional investors.

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 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.

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