Scotiabank Issues Pessimistic Estimate for Fortis Earnings

Fortis Inc. (TSE:FTS) – Equities researchers at Scotiabank reduced their FY2027 earnings per share (EPS) estimates for Fortis in a note issued to investors on Thursday, October 1st. Scotiabank analyst R. Hope now anticipates that the company will earn $3.80 per share for the year, down from their previous estimate of $3.83. The consensus estimate for Fortis’ current full-year earnings is $3.34 per share.

Fortis (TSE:FTS) last announced its quarterly earnings data on Friday, July 31st. The company reported C$0.78 EPS for the quarter. The firm had revenue of C$2.93 billion during the quarter. Fortis had a return on equity of 7.43% and a net margin of 14.72%.

Other research analysts also recently issued research reports about the stock. Desjardins upped their price objective on shares of Fortis from C$81.00 to C$85.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Canadian Imperial Bank of Commerce decreased their target price on shares of Fortis from C$82.00 to C$78.00 in a research report on Tuesday, September 22nd. Finally, Barclays lowered their target price on shares of Fortis from C$82.00 to C$76.00 and set an “overweight” rating on the stock in a report on Wednesday. Five analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of C$79.23.

Fortis Price Performance

Shares of FTS opened at C$75.07 on Friday. The business’s fifty day moving average is C$77.22 and its 200 day moving average is C$78.17. Fortis has a 12-month low of C$69.06 and a 12-month high of C$83.75. 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 stock has a market cap of C$38.35 billion, a P/E ratio of 22.08, a P/E/G ratio of 3.01 and a beta of 0.34.

Fortis Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Tuesday, September 1st were issued a $0.64 dividend. The ex-dividend date was Wednesday, August 19th. This represents a $2.56 annualized dividend and a dividend yield of 3.4%. Fortis’s dividend payout ratio is currently 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.