Fortis (NYSE:FTS – Free Report) – Stock analysts at Scotiabank upped their FY2026 earnings per share (EPS) estimates for Fortis in a report issued on Thursday, September 10th. Scotiabank analyst R. Hope now expects that the utilities provider will earn $2.63 per share for the year, up from their previous forecast of $2.55. Scotiabank currently has a “Sector Perform” rating on the stock. The consensus estimate for Fortis’ current full-year earnings is $2.58 per share. Scotiabank also issued estimates for Fortis’ FY2027 earnings at $2.77 EPS.
Fortis (NYSE:FTS – Get Free Report) last posted its earnings results on Friday, July 31st. The utilities provider reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.01. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.83 billion. Fortis had a return on equity of 7.16% and a net margin of 14.17%.During the same quarter last year, the firm earned $0.76 earnings per share.
Get Our Latest Analysis on FTS
Fortis Stock Down 1.1%
Shares of NYSE:FTS opened at $53.48 on Monday. The company has a market capitalization of $27.47 billion, a price-to-earnings ratio of 21.65 and a beta of 0.42. The company has a 50 day moving average of $56.39 and a two-hundred day moving average of $56.51. Fortis has a 52-week low of $48.69 and a 52-week high of $59.40. The company has a quick ratio of 0.47, a current ratio of 0.56 and a debt-to-equity ratio of 1.27.
Fortis Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 19th were paid a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date was Wednesday, August 19th. Fortis’s payout ratio is presently 73.68%.
Hedge Funds Weigh In On Fortis
Several hedge funds and other institutional investors have recently modified their holdings of the company. Cibc World Market Inc. acquired a new stake in shares of Fortis in the second quarter valued at approximately $442,633,000. Norges Bank bought a new stake in shares of Fortis during the fourth quarter valued at approximately $335,980,000. Legal & General Group Plc bought a new stake in shares of Fortis during the second quarter valued at approximately $334,727,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Fortis during the second quarter worth approximately $311,146,000. Finally, Bank of Nova Scotia acquired a new position in shares of Fortis during the second quarter worth approximately $257,370,000. Institutional investors and hedge funds own 57.77% of the company’s stock.
About Fortis
Fortis Inc is a Canadian investor-owned utility company headquartered in St. John’s, Newfoundland and Labrador. Through its regulated utility subsidiaries, the company provides electricity and natural gas services to residential, commercial and industrial customers.
Fortis operates electric transmission and distribution networks, natural gas distribution systems, and power generation assets. Its businesses include FortisBC in British Columbia, Newfoundland Power and Maritime Electric in Atlantic Canada, as well as utilities in the United States, including Central Hudson, UNS Energy and ITC.
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