Scotiabank Has Bullish Forecast for Fortis FY2027 Earnings

Key Points

• Scotiabank raised its FY2027 EPS forecast for Fortis to C$3.84 from C$3.82, above the broader consensus estimate of C$3.34.
• Analyst sentiment remains positive overall, with Fortis holding a “Moderate Buy” consensus rating and an average price target of C$79.68, although CIBC recently downgraded the stock to “Hold.”
• Fortis announced a quarterly dividend of C$0.64, equivalent to C$2.56 annually and a 3.3% yield; the company’s shares recently traded at C$78.45.

Fortis Inc. (TSE:FTS - Free Report) - Research analysts at Scotiabank boosted their FY2027 EPS estimates for shares of Fortis in a research note issued on Tuesday, August 4th. Scotiabank analyst R. Hope now anticipates that the company will post earnings per share of $3.84 for the year, up from their prior estimate of $3.82. The consensus estimate for Fortis' current full-year earnings is $3.34 per share.

Fortis (TSE:FTS - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported C$0.99 earnings per share for the quarter. The business had revenue of C$3.40 billion during the quarter. Fortis had a net margin of 14.72% and a return on equity of 7.43%.

Other equities analysts have also issued reports about the company. Canadian Imperial Bank of Commerce lowered Fortis from a "strong-buy" rating to a "hold" rating in a report on Friday, July 17th. Raymond James Financial raised their price target on Fortis from C$78.50 to C$80.50 and gave the stock an "outperform" rating in a report on Tuesday, April 28th. TD boosted their price objective on Fortis from C$83.00 to C$84.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. Barclays lowered their price objective on Fortis from C$84.00 to C$83.00 and set an "overweight" rating for the company in a research note on Friday, May 8th. Finally, Desjardins increased their target price on Fortis from C$81.00 to C$85.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of C$79.68.

Fortis Stock Performance

Shares of TSE FTS opened at C$78.45 on Friday. The company has a quick ratio of 0.36, a current ratio of 0.56 and a debt-to-equity ratio of 143.60. The firm's 50-day moving average price is C$80.22 and its two-hundred day moving average price is C$78.00. Fortis has a 52-week low of C$67.15 and a 52-week high of C$83.75. The stock has a market capitalization of C$40.08 billion, a P/E ratio of 23.07, a P/E/G ratio of 3.01 and a beta of 0.42.

Insider Buying and Selling

In other Fortis news, insider James Reid sold 24,700 shares of the company's stock in a transaction dated Monday, June 15th. The shares were sold at an average price of C$79.21, for a total value of C$1,956,487.00. Following the completion of the transaction, the insider owned 31,283 shares in the company, valued at approximately C$2,477,926.43. This represents a 44.12% decrease in their position. In the last ninety days, insiders have bought 572 shares of company stock valued at $45,909. 0.04% of the stock is currently owned by corporate insiders.

Fortis Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, September 1st will be given a $0.64 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $2.56 annualized dividend and a yield of 3.3%. Fortis's dividend payout ratio is 74.56%.

Fortis Company Profile

Fortis owns and operates 10 utility transmission and distribution assets in Canada and the United States, serving more than 3.4 million electricity and gas customers. The company has smaller stakes in electricity generation and several Caribbean utilities. ITC operates electric transmission in seven U.S. states, with more than 16,000 miles of high-voltage transmission lines in operation serving a peak load in excess of 23 gigawatts.

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