Scotiabank Has Strong Estimate for Fortis FY2027 Earnings

Fortis Inc. (TSE:FTS) – Research analysts at Scotiabank boosted their FY2027 earnings per share (EPS) estimates for shares of Fortis in a note issued to investors on Friday, January 23rd. Scotiabank analyst R. Hope now anticipates that the company will post earnings of $3.82 per share for the year, up from their prior forecast of $3.77. The consensus estimate for Fortis’ current full-year earnings is $3.34 per share.

Fortis (TSE:FTS) last issued its quarterly earnings data on Tuesday, November 4th. The company reported C$0.87 earnings per share for the quarter. The firm had revenue of C$2.94 billion for the quarter. Fortis had a net margin of 14.53% and a return on equity of 7.48%.

Several other research firms have also commented on FTS. CIBC upped their price objective on Fortis from C$75.00 to C$76.00 in a research note on Wednesday, December 17th. Royal Bank Of Canada upped their price target on Fortis from C$72.00 to C$79.00 in a research report on Wednesday, November 5th. TD Securities raised their price objective on Fortis from C$77.00 to C$79.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. National Bankshares lifted their price objective on Fortis from C$68.00 to C$72.00 and gave the company a “sector perform” rating in a research report on Wednesday, December 17th. Finally, BMO Capital Markets increased their target price on shares of Fortis from C$72.00 to C$74.00 in a report on Wednesday, November 5th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of C$74.85.

Fortis Stock Up 0.6%

FTS opened at C$72.91 on Monday. The firm’s 50 day simple moving average is C$71.50 and its two-hundred day simple moving average is C$70.21. The company has a market capitalization of C$36.57 billion, a PE ratio of 21.70, a PEG ratio of 3.01 and a beta of 0.31. Fortis has a 1-year low of C$60.50 and a 1-year high of C$74.00. The company has a current ratio of 0.74, a quick ratio of 0.36 and a debt-to-equity ratio of 142.31.

Fortis Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Monday, December 1st were issued a $0.64 dividend. The ex-dividend date of this dividend was Monday, November 17th. This represents a $2.56 dividend on an annualized basis and a yield of 3.5%. This is a boost from Fortis’s previous quarterly dividend of $0.62. Fortis’s payout ratio is presently 73.21%.

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.