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Research

Fortis Price Target Raised to C$89 at RBC

RBC Capital Markets raised its price target on Fortis Inc. (FTS.TO, FTS) to C$89 from C$80.Analyst Maurice Choy maintained a Sector Perform rating on shares of the Canadian electric utility holding company."Following in line Q2/26 results, we look forward to events in the fall that should reinforce Fortis' low-risk regulated growth into the 2030s," Choy said in a note to clients.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$FTS$FTS.TO
Commodities

Fortis Posts Higher Q2 Electricity Sales at Key Utilities, Advances Growth Projects

Fortis (FTS) reported Q2 earnings Friday, showing higher electricity sales across several regulated utilities, while advancing key energy infrastructure projects.Fortis' unit, UNS Energy, reported retail electricity sales of 2,829 gigawatt-hours for the quarter ended June 30, up from 2,666 GWh a year earlier.UNS Energy reported wholesale electricity sales of 1,302 GWh, compared with 1,028 GWh for the same quarter last year, while gas sales declined to 2 petajoules from 3 PJ, according to the company.Central Hudson increased electricity sales to 1,168 GWh for the quarter, up from 1,143 GWh a year earlier. Gas sales rose to 5 PJ for the quarter, up from 4 PJ.FortisBC Energy reported gas sales of 39 PJ for the quarter ended June 30, down from 42 PJ for the same quarter last year, Fortis said.FortisAlberta increased electricity deliveries to 4,313 GWh from 4,200 GWh a year earlier, the company said.FortisBC Electric electricity sales declined to 784 GWh in Q2, down from 802 GWh in the year-ago quarter.The company reported other electric sales of 2,330 GWh for the quarter, compared with 2,339 GWh, the company added.Fortis completed the 200-MW Roadrunner Reserve II battery storage project in Arizona during the quarter. The facility can store 800 megawatt-hours of electricity, enough to supply about 42,000 homes for four hours, according to the company.The company also secured approval for the Phase 1B expansion of the Tilbury liquefied natural gas facility in British Columbia. The project carries a cost allowance of up to CA$2.2 billion ($1.57 billion) and could begin construction in mid-2027 before entering service as early as 2031, Fortis said.Fortis invested CA$2.7 billion during the H1 2026 and remains on track to meet its CA$5.6 billion annual capital plan.Price: $57.38, Change: $-0.09, Percent Change: -0.17%

$FTS
Commodities

NWS Forecasts Dangerous Heat in Southern US Until Weekend.

The US National Weather Service on Thursday forecast persistent dangerous and extreme heat in southern US until the weekend.Meanwhile, a heatwave is expected to intensify in Southwest US this week, before peaking and spreading to the Intermountain West and northern High Plains over the weekend.Heavy to excessive rainfall and significant flash flooding is forecast in parts of southern New England amid multiple thunderstorms.The NWS issued an extreme heat warning early Thursday for Oklahoma's Bartlesville, Tulsa, Muskogee, Hugo, McAlester, and Oklahoma City. OGE Energy (OGE) subsidiary Oklahoma Gas & Electric and American Electric Power's (AEP) Public Service Co. of Oklahoma are the major service providers in Oklahoma.A similar warning was raised for Arizona's Yuma, Parker, Lake Havasu City, Bullhead City, Kingman, Ajo, Gila Bend, Phoenix, Wickenburg, Dateland, Prescott, Payson, Globe, Casa Grande, Tucson, Globe, San Carlos, Oracle, Oro Valley, Green Valley, Nogales, Sierra Vista, Bisbee, Sells, Willcox, Benson, Safford, Bisbee, Page, and Grand Canyon Village.Arizona is The state is primarily served by Pinnacle West Capital (PNW) unit Arizona Public Service Company, and UNS Energy subsidiaries Unisource and Tucson Electric Power.Affected areas in California include Blythe, El Centro Imperial, Palm Springs, Twentynine Palms, Campo, El Cajon, Mount Laguna, Julian, Borrego Springs, Indio, Escondido, Temecula, San Clemente, San Bernardino, Hemet, Beaumont, Victorville, Barstow, Baker, Death Valley, Tehachapi, Bishop, Anaheim, Ontario, Chino, Los Angeles, Anaheim, Santa Ana, Burbank, Palmdale, Santa Clarita, Long Beach, Oxnard, Malibu, San Luis Obispo, Ridgecrest, Santa Maria, Paso Robles, Edwards AFB, and Riverside.PG&E (PCG) subsidiary Pacific Gas and Electric, Edison International's (EIX) Southern California Edison, and Sempra Energy (SRE) unit San Diego Gas & Electric are the major electricity service providers in these places.Also placed under an extreme heat warning watch were Tonopah, Beatty, Las Vegas, and Caliente in Nevada, which falls under the service area of Berkshire Hathaway Energy unit NV Energy.The NWS also issued an extreme heat warning for Utah's St. George, Zion National Park, Escalante, Capitol Reef National Park, and Hanksville. Meanwhile, a flash flood warning was issued for Ogden, Salt Lake City, Tooele, Provo, Duchesne, and parts of Zion National Park. PacifiCorp's Rocky Mountain Power is the major service provider in the state.Flood warnings were raised for Cotulla and George West in Texas, served by AEP's Texas unit; and New York's Saratoga Springs, Albany, Hunter, served by National Grid (NGG) and Fortis (FTS) subsidiary Central Hudson Gas & Electric.

$AEP$EIX$FTS$NGG$OGE$PCG$PNW$SRE
Commodities

US NWS Maintains Warnings for Northwestern Flooding, Southwestern Heatwave

The US National Weather Service maintained warnings for excessive rain and potential flash and urban flooding in the central High Plains into the Upper Midwest for Wednesday, with risk of hail and damaging winds.The NWS also warned that extreme heat over the Desert Southwest would continue until at least Thursday.Red flag warnings were in place over critical fire risk in Central to eastern Washington, covering Omak, Colville, Winthrop, Chelan, Wenatchee, Moses Lake, Ritzville, Pullman and Spokane.Puget Sound Energy is one of the main power providers in Washington State.In southwestern Idaho, thunderstorms, excessive rainfall as well as extreme heat would be experienced on Wednesday in areas including Twin Falls, Jordan Valley and Burley.The thunderstorms are expected to be severe and capable of yielding large hail and damaging winds. The extreme heat will be experienced in the Desert Southwest.Idacorp's (IDA) Idaho Power and PacifiCorp's Rocky Mountain Power are the main service providers in the state.A heatwave expected in Utah looks strong enough to have prompted a red flag warning covering Nephi, Delta, Manti, Millford, Cedar City, Escalante, Bryce Canyon National Park, Zion National Park, St. George and Richfield.Rocky Mountain Power is the main electricity provider in the state.In Arizona, the NWS continued to warn of an extreme heat wave, with temperatures potentially reaching 115 degree-Fahrenheit (46 Celsius), with potential dangers for human health. The warning applies unti Thursday evening.Areas covered by the warning are Gila Bend, Ajo, Tucson, Globe, Casa Grande, Sells, Green Valley, Satford, Oracle and San Carlos.The state is primarily served by Pinnacle West Capital (PNW) unit Arizona Public Service, and UNS Energy subsidiaries Unisource and Tucson Electric Power. UNS is a subsidiary of Fortis (FTS).The warning stretched to across the border to California's El Centro, Desert Center and Blythe.The primary service provider there is Edison International's (EIX) Southern California Edison.

$EIX$FTS$IDA$PNW
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%.

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