Is Fortis (FTS) Shares Surpassing Other Utility Stocks This Year?

Fortis and RWE AG: Utilities Stocks Surpassing Their Peers

While the Utilities sector features many strong performers, savvy investors are always on the lookout for companies that are outshining the competition. This year, Fortis (FTS) stands out as one such stock. Let’s examine how Fortis has performed so far in 2024.

Fortis operates within the Utilities sector, which is made up of 107 companies and currently holds the #8 spot in the Zacks Sector Ranking. The Zacks Sector Rank evaluates 16 sectors, ranking them from best to worst based on the average Zacks Rank of the companies in each group.

The Zacks Rank system focuses on changes in earnings estimates to identify stocks with improving profit outlooks. Historically, stocks with higher Zacks Ranks have outperformed the market over the following one to three months. At present, Fortis holds a Zacks Rank of #2 (Buy).

Over the past quarter, analysts have raised their full-year earnings projections for Fortis by 4%, reflecting growing optimism about the company’s future performance.

According to the most recent data, Fortis (FTS) has climbed approximately 11.3% year-to-date, outpacing the Utilities sector average return of 10.2%. This indicates that Fortis is delivering stronger returns than its sector peers so far this year.

Another Utilities stock outperforming the sector is RWE AG (RWEOY), which has gained 16.7% since the start of the year.

For RWE AG, consensus earnings per share estimates for the current year have increased by 4.7% over the last three months. The stock currently boasts a Zacks Rank of #1 (Strong Buy).

Looking more closely, Fortis is part of the Utility – Electric Power industry, which includes 58 companies and is currently ranked #88 by Zacks Industry Rank. This industry group has averaged a 10.9% gain so far in 2024, meaning Fortis is outperforming its industry as well. RWE AG is also included in this group.

Investors interested in Utilities stocks should keep an eye on both Fortis and RWE AG as they continue to deliver impressive results.

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