National Bank Financial Predicts Fortis FY2028 Earnings

Fortis Inc. (NYSE:FTS - Free Report) - National Bank Financial issued their FY2028 EPS estimates for Fortis in a report issued on Monday, January 6th. National Bank Financial analyst P. Kenny expects that the utilities provider will post earnings per share of $2.79 for the year. The consensus estimate for Fortis' current full-year earnings is $2.32 per share.

Fortis (NYSE:FTS - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The utilities provider reported $0.85 earnings per share for the quarter, beating analysts' consensus estimates of $0.59 by $0.26. The company had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.01 billion. Fortis had a net margin of 14.06% and a return on equity of 7.01%. During the same period in the previous year, the business earned $0.63 earnings per share.

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

Fortis Price Performance

NYSE FTS traded up $0.17 during midday trading on Wednesday, hitting $41.95. The company had a trading volume of 320,226 shares, compared to its average volume of 364,725. The firm has a 50-day moving average price of $43.23 and a 200-day moving average price of $43.00. The company has a market capitalization of $20.87 billion, a PE ratio of 17.63, a P/E/G ratio of 3.87 and a beta of 0.50. The company has a current ratio of 0.74, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32. Fortis has a twelve month low of $36.86 and a twelve month high of $46.06.

Institutional Investors Weigh In On Fortis

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Toronto Dominion Bank boosted its position in Fortis by 26.9% in the second quarter. Toronto Dominion Bank now owns 9,071,484 shares of the utilities provider's stock valued at $352,336,000 after buying an additional 1,920,728 shares in the last quarter. National Bank of Canada FI lifted its stake in shares of Fortis by 21.8% in the 3rd quarter. National Bank of Canada FI now owns 5,190,336 shares of the utilities provider's stock valued at $235,839,000 after acquiring an additional 930,331 shares during the last quarter. Canada Pension Plan Investment Board boosted its holdings in shares of Fortis by 31.4% during the 2nd quarter. Canada Pension Plan Investment Board now owns 2,142,695 shares of the utilities provider's stock valued at $83,259,000 after acquiring an additional 512,103 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Fortis by 15.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,747,036 shares of the utilities provider's stock worth $170,230,000 after acquiring an additional 507,068 shares during the last quarter. Finally, Point72 Europe London LLP increased its holdings in Fortis by 413.6% in the 3rd quarter. Point72 Europe London LLP now owns 395,474 shares of the utilities provider's stock worth $17,973,000 after purchasing an additional 318,474 shares in the last quarter. 57.77% of the stock is owned by institutional investors.

Fortis Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Tuesday, February 18th will be paid a $0.4382 dividend. This represents a $1.75 annualized dividend and a yield of 4.18%. The ex-dividend date is Tuesday, February 18th. Fortis's dividend payout ratio (DPR) is presently 76.05%.

Fortis Company Profile

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.