Scotiabank Issues Pessimistic Forecast for Fortis Earnings

Fortis (NYSE:FTS) – Analysts at Scotiabank reduced their FY2026 earnings per share estimates for shares of Fortis in a research report issued to clients and investors on Tuesday, July 7th. Scotiabank analyst R. Hope now expects that the utilities provider will earn $2.55 per share for the year, down from their prior estimate of $2.63. The consensus estimate for Fortis’ current full-year earnings is $2.64 per share. Scotiabank also issued estimates for Fortis’ FY2027 earnings at $2.69 EPS.

Fortis (NYSE:FTS) last released its earnings results on Wednesday, May 6th. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.02. The company had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.56 billion. Fortis had a net margin of 14.21% and a return on equity of 7.25%. During the same quarter in the previous year, the company earned $1.00 EPS.

FTS has been the topic of several other research reports. Weiss Ratings restated a “buy (b)” rating on shares of Fortis in a report on Tuesday, April 21st. Barclays cut their price target on Fortis from $62.00 to $61.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. BMO Capital Markets reissued a “market perform” rating on shares of Fortis in a report on Thursday, May 7th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Fortis in a report on Monday, April 20th. Finally, TD Securities reiterated a “buy” rating on shares of Fortis in a report on Thursday, May 7th. Six equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $61.00.

Fortis Price Performance

Shares of NYSE:FTS opened at $57.52 on Wednesday. Fortis has a twelve month low of $46.46 and a twelve month high of $58.78. The stock’s 50 day moving average is $56.39 and its 200-day moving average is $55.44. The company has a quick ratio of 0.41, a current ratio of 0.49 and a debt-to-equity ratio of 1.25. The firm has a market capitalization of $29.29 billion, a price-to-earnings ratio of 23.38 and a beta of 0.43.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of FTS. JCIC Asset Management Inc. raised its stake in shares of Fortis by 5.0% during the 4th quarter. JCIC Asset Management Inc. now owns 5,990 shares of the utilities provider’s stock worth $311,000 after purchasing an additional 285 shares during the period. Addison Capital Co raised its holdings in shares of Fortis by 0.9% during the first quarter. Addison Capital Co now owns 32,797 shares of the utilities provider’s stock valued at $1,830,000 after acquiring an additional 289 shares in the last quarter. Public Sector Pension Investment Board lifted its stake in Fortis by 0.6% in the second quarter. Public Sector Pension Investment Board now owns 48,548 shares of the utilities provider’s stock worth $2,313,000 after acquiring an additional 300 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Fortis by 10.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,121 shares of the utilities provider’s stock worth $174,000 after buying an additional 308 shares during the period. Finally, Wellington Management Group LLP raised its holdings in Fortis by 0.8% during the fourth quarter. Wellington Management Group LLP now owns 37,822 shares of the utilities provider’s stock valued at $1,969,000 after acquiring an additional 316 shares during the period. Institutional investors own 57.77% of the company’s stock.

About Fortis

Fortis Inc is a Canadian diversified electric and gas utility holding company headquartered in St. John’s, Newfoundland and Labrador. Through a portfolio of regulated utility subsidiaries, the company develops, owns and operates electricity and natural gas transmission, distribution and generation assets. Fortis serves customers across multiple jurisdictions in Canada, the United States and the Caribbean, focusing on the delivery of safe, reliable energy to residential, commercial and industrial users.

The company’s core activities include operation and maintenance of transmission and distribution networks, ownership of generation facilities, and investment in grid modernization and system resilience.