National Bank Financial Weighs in on Fortis FY2028 Earnings

Fortis Inc. (NYSE:FTS) – Investment analysts at National Bank Financial issued their FY2028 EPS estimates for Fortis in a research report issued to clients and investors on Monday, January 6th. National Bank Financial analyst P. Kenny forecasts that the utilities provider will earn $2.79 per share for the year. The consensus estimate for Fortis’ current full-year earnings is $2.32 per share.

Fortis (NYSE:FTS) last issued its quarterly earnings data on Tuesday, November 5th. The utilities provider reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.26. The business had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.01 billion. Fortis had a return on equity of 7.01% and a net margin of 14.06%. During the same period in the prior year, the business earned $0.63 earnings per share.

Several other equities analysts also recently issued reports on the stock. Raymond James downgraded shares of Fortis from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 6th. Bank of America began coverage on Fortis in a report on Friday, September 20th. They set an “underperform” rating on the stock.

Fortis Price Performance

NYSE:FTS opened at $41.95 on Wednesday. Fortis has a 12-month low of $36.86 and a 12-month high of $46.06. The firm has a market cap of $20.87 billion, a price-to-earnings ratio of 17.63, a price-to-earnings-growth ratio of 3.87 and a beta of 0.50. The company’s 50-day moving average is $43.23 and its two-hundred day moving average is $43.00. The company has a current ratio of 0.74, a quick ratio of 0.63 and a debt-to-equity ratio of 1.32.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in FTS. Versant Capital Management Inc increased its stake in Fortis by 34.1% during the fourth quarter. Versant Capital Management Inc now owns 1,006 shares of the utilities provider’s stock worth $42,000 after acquiring an additional 256 shares during the last quarter. Cromwell Holdings LLC grew its holdings in shares of Fortis by 52.2% during the 3rd quarter. Cromwell Holdings LLC now owns 1,837 shares of the utilities provider’s stock worth $83,000 after purchasing an additional 630 shares during the period. First Trust Direct Indexing L.P. increased its position in Fortis by 13.1% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 7,865 shares of the utilities provider’s stock worth $357,000 after purchasing an additional 910 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in Fortis in the third quarter valued at approximately $44,000. Finally, Mitchell & Pahl Private Wealth LLC lifted its position in Fortis by 9.2% during the third quarter. Mitchell & Pahl Private Wealth LLC now owns 16,094 shares of the utilities provider’s stock valued at $731,000 after buying an additional 1,356 shares in the last quarter. 57.77% of the stock is owned by hedge funds and other institutional investors.

Fortis Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Tuesday, February 18th will be issued a $0.4382 dividend. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $1.75 dividend on an annualized basis and a yield of 4.18%. Fortis’s payout ratio is 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.