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4 stories mentioning FTSUpdated 44d ago

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Research

Research Alert: CFRA Reiterates Hold Opinion On Shares Of Fortis Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our 12-month target is unchanged at CAD80, valuing shares at a forward P/E of 21.5x our next-12-month EPS estimate of CAD3.72, a premium to its five-year average of 19.3x. We keep our 2026 EPS estimate at CAD3.62 and raise our 2027 EPS estimate by CAD0.03 to CAD3.88. Q1 results showed continued progress on load growth opportunities, with ITC advancing data center interconnection projects and TEP securing initial contractual milestones in Arizona while pursuing additional phases. We expect revenue to grow 7.8% in 2026, followed by 5.6% growth in 2027, supported by customer rate updates at Central Hudson (effective July 2025), FortisBC Energy (effective January 2026), UNS Gas (effective March 2026), and a pending decision at TEP (expected fall 2026), alongside ongoing rate base growth. From 2025-2028, we expect EPS to grow at a 5.3% CAGR while dividends grow at 4.6%, both lagging the peer median growth rates of 7.9% and 5.2%, respectively. Shares currently yield 3.3%, slightly ahead of the peer median 3.2%.

$FTS
Commodities

Fortis Reports Mixed Q1 Utility Sales, Growth Projects Advance

Fortis (FTS) reported Q1 earnings on Wednesday, with electricity and gas sales falling across several utility units, while advancing major transmission, LNG, and data center projects across North America.Fortis' unit, UNS Energy, delivered 2,148 gigawatt-hours of retail electricity sales in Q1, compared with 2,136 GWh a year earlier, while wholesale electricity sales fell to 998 GWh from 1,157 GWh, the company said.The Canadian electric and gas utility company reported that its FortisBC Energy unit delivered gas sales of 76 petajoules in Q1, down from 81 PJ a year earlier.FortisAlberta increased electricity deliveries to 4,665 GWh in Q1, up from 4,597 GWh a year earlier.Central Hudson sold 1,387 GWh of electricity for the quarter ended March 31, compared with 1,375 GWh a year earlier. Gas sales rose to 10 petajoules from 9 PJ over the year.FortisBC Electric reported electricity sales of 957 GWh in the quarter, down from 1,016 GWh a year earlier.Other electric operations sold 3,154 GWh in the quarter, down from 3,165 GWh a year earlier.Fortis spent CA$1.4 billion ($1.03 billion) on capital projects during the quarter and said its CA$5.6 billion annual capital plan remains on track.The company targets rate base growth to CA$57.9 billion by 2030 from CA$42.4 billion in 2025.ITC completed a substation in March to support 300 megawatts of load growth tied to a data center at the Big Cedar Industrial Center.Fortis also continues transmission upgrades to serve another 1,600 MW by 2028.Fortis also secured credit support in April for an energy supply agreement linked to a planned Arizona data center with an initial electricity demand of about 300 MW.Price: $56.74, Change: $-0.70, Percent Change: -1.22%

$FTS
Research

Research Alert: Fortis Q1 Eps Slightly Misses On Fx, Dispositions; Cad28.8b Capex Plan On Track

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:FTS reported Q1 EPS of CAD0.99 vs. CAD1.00 in the prior year, narrowly missing consensus expectations of CAD1.00, reflecting rate base growth offset by weaker wholesale market conditions at UNS Energy, foreign exchange headwinds, and a CAD0.02 dilution from recent dispositions. Revenue increased 2% to CAD3.4B driven by higher flow-through costs at Central Hudson and rate base growth, while operating income remained flat at CAD955M as expense growth matched revenue gains. FTS reaffirmed 4%-6% annual dividend growth guidance through 2030. While not the fastest growth in the sector, we view the measured strategy as reliable and executable given the company's low-risk, highly regulated utility portfolio. The company maintains its CAD28.8B 2026-2030 capital plan supporting 7% rate base CAGR growth to CAD57.9B by 2030, with major projects progressing, including ITC's Big Cedar data center expansion and TEP's Springerville coal-to-gas conversion. Shares currently yield 3.3%.

$FTS
Research

Research Alert: Fortis Q1 Eps Slightly Misses On Fx, Dispositions; Cad28.8b Capex Plan On Track

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:FTS reported Q1 EPS of CAD0.99 vs. CAD1.00 in the prior year, narrowly missing consensus expectations of CAD1.00, reflecting rate base growth offset by weaker wholesale market conditions at UNS Energy, foreign exchange headwinds, and a CAD0.02 dilution from recent dispositions. Revenue increased 2% to CAD3.4B driven by higher flow-through costs at Central Hudson and rate base growth, while operating income remained flat at CAD955M as expense growth matched revenue gains. FTS reaffirmed 4%-6% annual dividend growth guidance through 2030. While not the fastest growth in the sector, we view the measured strategy as reliable and executable given the company's low-risk, highly regulated utility portfolio. The company maintains its CAD28.8B 2026-2030 capital plan supporting 7% rate base CAGR growth to CAD57.9B by 2030, with major projects progressing, including ITC's Big Cedar data center expansion and TEP's Springerville coal-to-gas conversion. Shares currently yield 3.3%.

$FTS

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