Scotiabank Has Positive Outlook of Fortis FY2026 Earnings

Key Points

• Scotiabank raised its FY2026 EPS estimate for Fortis to $2.63 from $2.55, above the $2.58 consensus estimate, and forecasts FY2027 EPS of $2.77. It maintains a “Sector Perform” rating.
• Fortis reported quarterly EPS of $0.56, slightly exceeding the $0.55 consensus, while revenue of $1.67 billion fell short of expectations of $1.83 billion.
• Fortis pays a quarterly dividend of $0.64, equivalent to $2.56 annually and a 4.7% yield. Analysts overall rate the stock “Hold,” with an average price target of $66.33.

Fortis (NYSE:FTS - Free Report) - Equities research analysts at Scotiabank lifted their FY2026 earnings per share (EPS) estimates for Fortis in a note issued to investors on Thursday, September 10th. Scotiabank analyst R. Hope now anticipates that the utilities provider will post earnings of $2.63 per share for the year, up from their previous forecast of $2.55. Scotiabank currently has a "Sector Perform" rating on the stock. The consensus estimate for Fortis' current full-year earnings is $2.58 per share. Scotiabank also issued estimates for Fortis' FY2027 earnings at $2.77 EPS.

Several other brokerages also recently weighed in on FTS. Wolfe Research set a $50.00 price target on shares of Fortis in a report on Tuesday, August 4th. Wall Street Zen downgraded Fortis from a "hold" rating to a "sell" rating in a research note on Saturday, May 23rd. Royal Bank Of Canada upped their target price on shares of Fortis from $80.00 to $89.00 and gave the company a "sector perform" rating in a research report on Monday, August 3rd. BMO Capital Markets reaffirmed a "market perform" rating on shares of Fortis in a research note on Monday, August 3rd. Finally, Barclays cut their price objective on Fortis from $61.00 to $60.00 and set an "overweight" rating on the stock in a research report on Monday, August 3rd. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Fortis presently has an average rating of "Hold" and an average price target of $66.33.

Fortis Price Performance

NYSE FTS opened at $54.37 on Monday. Fortis has a fifty-two week low of $48.69 and a fifty-two week high of $59.40. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.47 and a current ratio of 0.56. The company has a market capitalization of $27.93 billion, a PE ratio of 22.01 and a beta of 0.42. The business's fifty day moving average is $56.52 and its 200 day moving average is $56.55.

Fortis (NYSE:FTS - Get Free Report) last issued its quarterly earnings data on Friday, July 31st. The utilities provider reported $0.56 earnings per share 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 firm had revenue of $1.67 billion for the quarter, compared to analysts' expectations of $1.83 billion. During the same quarter in the prior year, the business earned $0.76 EPS.

Fortis Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 19th were given a $0.64 dividend. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.7%. Fortis's dividend payout ratio (DPR) is presently 73.68%.

Institutional Trading of Fortis

A number of institutional investors have recently bought and sold shares of the stock. Trust Co. of Vermont acquired a new stake in shares of Fortis during the second quarter worth $26,000. Scarborough Advisors LLC acquired a new stake in shares of Fortis during the 1st quarter worth approximately $29,000. Aberdeen Wealth Management LLC purchased a new position in Fortis in the second quarter valued at $31,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Fortis in the 4th quarter worth about $34,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA raised its stake in shares of Fortis by 157.4% during the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider's stock worth $36,000 after buying an additional 428 shares during the period. 57.77% of the stock is currently owned by institutional investors and hedge funds.

Fortis Company Profile

Fortis Inc is a Canadian investor-owned utility company headquartered in St. John's, Newfoundland and Labrador. Through its regulated utility subsidiaries, the company provides electricity and natural gas services to residential, commercial and industrial customers.

Fortis operates electric transmission and distribution networks, natural gas distribution systems, and power generation assets. Its businesses include FortisBC in British Columbia, Newfoundland Power and Maritime Electric in Atlantic Canada, as well as utilities in the United States, including Central Hudson, UNS Energy and ITC.

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