Scotiabank Has Negative Opinion of Fortis FY2026 Earnings

Fortis (NYSE:FTS) – Analysts at Scotiabank decreased their FY2026 earnings per share estimates for Fortis in a report issued on Thursday, October 1st. Scotiabank analyst R. Hope now forecasts that the utilities provider will earn $2.55 per share for the year, down from their previous forecast of $2.63. Scotiabank currently has a “Sector Perform” rating on the stock. The consensus estimate for Fortis’ current full-year earnings is $2.56 per share. Scotiabank also issued estimates for Fortis’ FY2027 earnings at $2.67 EPS.

FTS has been the subject of several other research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Fortis in a research report on Friday, July 17th. BMO Capital Markets restated a “market perform” rating on shares of Fortis in a report on Monday, August 3rd. Royal Bank Of Canada increased their price objective on shares of Fortis from $80.00 to $89.00 and gave the company a “sector perform” rating in a report on Monday, August 3rd. Canadian Imperial Bank of Commerce cut shares of Fortis from an “outperform” rating to a “hold” rating in a research note on Friday, July 17th. Finally, TD Securities reaffirmed a “buy” rating on shares of Fortis in a report on Tuesday, August 4th. Three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $65.00.

Fortis Stock Performance

Fortis stock opened at $52.93 on Monday. The company has a current ratio of 0.56, a quick ratio of 0.47 and a debt-to-equity ratio of 1.27. Fortis has a 1 year low of $49.60 and a 1 year high of $59.40. The company has a market cap of $27.19 billion, a PE ratio of 21.43 and a beta of 0.42. The company’s 50-day moving average is $54.96 and its two-hundred day moving average is $56.05.

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

Institutional Investors Weigh In On Fortis

Hedge funds have recently bought and sold shares of the company. Trust Co. of Vermont bought a new stake in shares of Fortis in the 2nd quarter valued at $26,000. Scarborough Advisors LLC bought a new position in Fortis during the first quarter worth about $29,000. Aberdeen Wealth Management LLC bought a new position in Fortis during the second quarter worth about $31,000. Allworth Financial LP bought a new position in Fortis during the second quarter worth about $62,000. Finally, Bessemer Group Inc. grew its stake in Fortis by 87.9% in the first quarter. Bessemer Group Inc. now owns 1,167 shares of the utilities provider’s stock valued at $65,000 after acquiring an additional 546 shares during the period. 57.77% of the stock is currently owned by institutional investors and hedge funds.

Fortis Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Wednesday, August 19th were issued a dividend of C$0.64 per share. The ex-dividend date was Wednesday, August 19th. This represents a $2.56 dividend on an annualized basis and a yield of 4.8%. Fortis’s payout ratio is currently 73.68%.

Fortis Company Profile

Fortis Inc (NYSE: FTS) is a regulated electric and gas utility holding company headquartered in St. John’s, Newfoundland and Labrador, Canada. Through its operating utilities, the company generates, transmits and distributes electricity and provides natural gas distribution services to residential, commercial and industrial customers.

Fortis operates a portfolio of utility businesses across Canada, the United States and the Caribbean. Its regulated operations include electric utilities in several Canadian provinces, U.S.