Analysts Set Expectations for Fortis FY2028 Earnings

Fortis Inc. (NYSE:FTS) – Research analysts at National Bank Financial issued their FY2028 earnings estimates for shares of Fortis in a research report issued on Monday, January 6th. National Bank Financial analyst P. Kenny anticipates that the utilities provider will post earnings of $2.79 per share for the year. The consensus estimate for Fortis’ current full-year earnings is $2.32 per share.

Fortis (NYSE:FTS) last announced its quarterly earnings data on Tuesday, November 5th. The utilities provider reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.26. Fortis had a return on equity of 7.01% and a net margin of 14.06%. The firm had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.01 billion. During the same period in the prior year, the business earned $0.63 EPS.

Other research analysts also recently issued reports about the stock. Raymond James downgraded shares of Fortis from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th. Bank of America started coverage on shares of Fortis in a report on Friday, September 20th. They set an “underperform” rating on the stock. Finally, UBS Group raised shares of Fortis to a “strong sell” rating in a research note on Tuesday, September 10th.

Fortis Price Performance

Shares of FTS opened at $41.82 on Wednesday. The business’s 50-day moving average is $43.26 and its 200-day moving average is $43.01. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.74 and a quick ratio of 0.63. The company has a market capitalization of $20.80 billion, a price-to-earnings ratio of 17.57, a P/E/G ratio of 3.87 and a beta of 0.49. Fortis has a fifty-two week low of $36.86 and a fifty-two week high of $46.06.

Hedge Funds Weigh In On Fortis

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. 1832 Asset Management L.P. grew its position in Fortis by 1.1% in the second quarter. 1832 Asset Management L.P. now owns 9,199,047 shares of the utilities provider’s stock worth $357,291,000 after acquiring an additional 95,813 shares in the last quarter. Toronto Dominion Bank lifted its stake in shares of Fortis by 26.9% in the 2nd quarter. Toronto Dominion Bank now owns 9,071,484 shares of the utilities provider’s stock valued at $352,336,000 after purchasing an additional 1,920,728 shares during the last quarter. National Bank of Canada FI boosted its holdings in Fortis by 21.8% in the third quarter. National Bank of Canada FI now owns 5,190,336 shares of the utilities provider’s stock worth $235,839,000 after purchasing an additional 930,331 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in Fortis by 15.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,747,036 shares of the utilities provider’s stock worth $170,230,000 after buying an additional 507,068 shares during the last quarter. Finally, Public Sector Pension Investment Board raised its holdings in Fortis by 0.6% during the second quarter. Public Sector Pension Investment Board now owns 3,372,362 shares of the utilities provider’s stock valued at $131,040,000 after buying an additional 20,085 shares in the last quarter. Institutional investors own 57.77% of the company’s stock.

Fortis Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Tuesday, February 18th will be issued a $0.4382 dividend. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $1.75 dividend on an annualized basis and a yield of 4.19%. Fortis’s dividend payout ratio is currently 76.47%.

About Fortis

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.