Research Analysts Issue Forecasts for Fortis FY2027 Earnings

Fortis Inc. (TSE:FTS) – Stock analysts at Scotiabank decreased their FY2027 earnings per share estimates for shares of Fortis in a note issued to investors on Thursday, October 1st. Scotiabank analyst R. Hope now expects that the company will post earnings per share of $3.80 for the year, down from their prior estimate of $3.83. The consensus estimate for Fortis’ current full-year earnings is $3.34 per share.

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

A number of other brokerages have also recently issued reports on FTS. Canadian Imperial Bank of Commerce cut their price objective on shares of Fortis from C$82.00 to C$78.00 in a research note on Tuesday, September 22nd. Barclays decreased 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 research report on Wednesday. Finally, Desjardins upped their price target on shares of Fortis from C$81.00 to C$85.00 and gave the company 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 assigned a Hold rating to the company. Based on data from MarketBeat.com, Fortis presently has a consensus rating of “Moderate Buy” and an average price target of C$79.23.

Fortis Trading Up 0.3%

FTS stock opened at C$75.31 on Friday. The company has a market capitalization of C$38.48 billion, a PE ratio of 22.15, a price-to-earnings-growth ratio of 3.01 and a beta of 0.34. Fortis has a one year low of C$69.06 and a one year high of C$83.75. The company’s 50 day moving average price is C$77.07 and its two-hundred day moving average price is C$78.15. The company has a debt-to-equity ratio of 143.60, a quick ratio of 0.36 and a current ratio of 0.56.

Fortis Announces Dividend

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 (DPR) is currently 74.56%.

About Fortis

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.