What is Scotiabank’s Forecast for Fortis FY2027 Earnings?

Fortis Inc. (TSE:FTS) – Equities research analysts at Scotiabank decreased their FY2027 earnings per share (EPS) estimates for Fortis in a research report issued to clients and investors on Tuesday, July 7th. Scotiabank analyst R. Hope now forecasts that the company will earn $3.82 per share for the year, down from their prior forecast of $3.84. The consensus estimate for Fortis’ current full-year earnings is $3.34 per share.

Fortis (TSE:FTS) last announced its quarterly earnings data on Wednesday, May 6th. The company reported C$0.99 EPS for the quarter. The firm had revenue of C$3.40 billion for the quarter. Fortis had a return on equity of 7.51% and a net margin of 14.75%.

Other research analysts have also recently issued research reports about the stock. TD boosted their price target on shares of Fortis from C$83.00 to C$84.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Raymond James Financial raised their price objective on shares of Fortis from C$78.50 to C$80.50 and gave the stock an “outperform” rating in a research report on Tuesday, April 28th. National Bank Financial lifted their target price on shares of Fortis from C$75.00 to C$82.00 and gave the stock a “sector perform” rating in a research note on Monday, June 1st. Finally, Barclays decreased their target price on shares of Fortis from C$84.00 to C$83.00 and set an “overweight” rating on the stock in a report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Fortis presently has an average rating of “Moderate Buy” and an average price target of C$79.32.

Fortis Stock Up 1.0%

Shares of FTS opened at C$81.67 on Wednesday. Fortis has a 52-week low of C$63.54 and a 52-week high of C$82.67. The company has a market capitalization of C$41.58 billion, a PE ratio of 24.09, a price-to-earnings-growth ratio of 3.01 and a beta of 0.41. The stock has a fifty day simple moving average of C$78.44 and a two-hundred day simple moving average of C$76.45. The company has a quick ratio of 0.36, a current ratio of 0.49 and a debt-to-equity ratio of 145.23.

Fortis Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, June 1st were issued a $0.64 dividend. This represents a $2.56 annualized dividend and a dividend yield of 3.1%. The ex-dividend date was Friday, May 15th. Fortis’s dividend payout ratio is currently 74.04%.

Insider Activity at Fortis

In related news, insider James Reid sold 24,700 shares of Fortis stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of C$79.21, for a total value of C$1,956,487.00. Following the completion of the sale, the insider owned 31,283 shares in the company, valued at approximately C$2,477,926.43. This trade represents a 44.12% decrease in their position. In the last quarter, insiders have purchased 572 shares of company stock valued at $45,909. Corporate insiders own 0.04% of the company’s stock.

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.