Scotiabank Has Positive Estimate for Fortis FY2027 Earnings

Fortis (NYSE:FTS) – Stock analysts at Scotiabank boosted their FY2027 earnings estimates for Fortis in a research note issued on Tuesday, August 4th. Scotiabank analyst R. Hope now expects that the utilities provider will post earnings per share of $2.73 for the year, up from their previous estimate of $2.69. Scotiabank currently has a “Sector Perform” rating on the stock. The consensus estimate for Fortis’ current full-year earnings is $2.56 per share.

FTS has been the topic of a number of other research reports. Barclays decreased their price objective on shares of Fortis from $61.00 to $60.00 and set an “overweight” rating on the stock in a research report on Monday. Royal Bank Of Canada raised their target price on Fortis from $80.00 to $89.00 and gave the stock a “sector perform” rating in a research note on Monday. Canadian Imperial Bank of Commerce downgraded Fortis from an “outperform” rating to a “hold” rating in a report on Friday, July 17th. TD Securities reaffirmed a “buy” rating on shares of Fortis in a research report on Tuesday. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortis in a research report on Friday, July 17th. Three analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Fortis currently has a consensus rating of “Hold” and a consensus target price of $66.33.

Fortis Trading Down 0.7%

Shares of FTS opened at $55.93 on Friday. The stock has a market capitalization of $28.57 billion, a P/E ratio of 22.64 and a beta of 0.43. Fortis has a twelve month low of $48.64 and a twelve month high of $59.40. The company has a quick ratio of 0.41, a current ratio of 0.56 and a debt-to-equity ratio of 1.27. The firm has a fifty day simple moving average of $57.00 and a two-hundred day simple moving average of $56.35.

Fortis (NYSE:FTS) last issued its earnings results on Friday, July 31st. The utilities provider reported $0.56 EPS for the quarter, topping the consensus estimate of $0.55 by $0.01. Fortis had a net margin of 14.17% and a return on equity of 7.16%. The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.83 billion. During the same period in the previous year, the firm earned $0.76 earnings per share.

Institutional Investors Weigh In On Fortis

Large investors have recently modified their holdings of the stock. Horizon Investment Services LLC purchased a new position in shares of Fortis during the second quarter valued at about $250,000. Global Retirement Partners LLC bought a new position in Fortis in the second quarter worth about $163,000. Alberta Investment Management Corp purchased a new stake in Fortis in the second quarter worth about $20,765,000. Bank of New York Mellon Corp purchased a new stake in Fortis in the second quarter worth about $29,097,000. Finally, GSA Capital Partners LLP bought a new stake in Fortis during the 2nd quarter valued at approximately $401,000. Institutional investors own 57.77% of the company’s stock.

Fortis Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 19th will be issued a $0.64 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $2.56 annualized dividend and a yield of 4.6%. Fortis’s dividend payout ratio is 76.52%.

Fortis Company Profile

Fortis Inc is a Canadian diversified electric and gas utility holding company headquartered in St. John’s, Newfoundland and Labrador. Through a portfolio of regulated utility subsidiaries, the company develops, owns and operates electricity and natural gas transmission, distribution and generation assets. Fortis serves customers across multiple jurisdictions in Canada, the United States and the Caribbean, focusing on the delivery of safe, reliable energy to residential, commercial and industrial users.

The company’s core activities include operation and maintenance of transmission and distribution networks, ownership of generation facilities, and investment in grid modernization and system resilience.