Company Reports

Fortis manages regulated electric and gas utilities and independent transmission assets across North America.

We are maintaining our CAD 58 fair value estimate for Fortis after it reported second-quarter adjusted earnings of CAD 0.67 per share compared with CAD 0.62 in the same year-ago period.

We are maintaining our CAD 58 per share fair value estimate for Fortis after the company reported first-quarter adjusted earnings of CAD 0.93 per share compared with CAD 0.90 in the same year-ago period. The company reaffirmed its 4% to 6% annual dividend growth outlook through 2028, in line with our estimate. Fortis does not issue earnings guidance.

Fortis manages regulated electric and gas utilities and independent transmission assets across North America.

We are maintaining our CAD 58 per share fair value estimate for Fortis after the company reported full-year 2023 adjusted earnings of CAD 3.09 per share compared with CAD 2.78 in the same year-ago period. The company increased its dividend 4.4%, in line with its 4% to 6% dividend growth outlook through 2028. Fortis does not issue earnings guidance.

We are maintaining our CAD 58 per share fair value estimate for Fortis after the company reported third-quarter adjusted earnings of CAD 0.84 per share compared with CAD 0.71 in the same year-ago period. The company extended its 4%-6% dividend growth outlook through 2028, in line with our estimates.

We are reaffirming our fair value estimates and economic moat ratings for all U.S. utilities after the sector fell nearly 5% on Monday. We think the sector's 11% drop since last week offers a rare opportunity for investors to buy high-quality utilities at very attractive prices.

Fortis manages regulated electric and gas utilities and independent transmission assets across North America. Acquisitions have made Fortis predominantly a U.S. utility.

We are maintaining our CAD 58 fair value estimate for Fortis after updating our forecasts to incorporate several items announced at the company's investor day.

Fortis manages regulated electric and gas utilities and independent transmission assets across North America. Acquisitions have made Fortis predominantly a U.S. utility.

We are maintaining our CAD 57 per share fair value estimate for Fortis after the company reported second-quarter adjusted earnings of CAD 0.62 per share, compared with CAD 0.57 in the same year-ago period. Management reaffirmed its 4%-6% dividend growth outlook through 2027, in line with our estimates.

We are maintaining our CAD 57 per share fair value estimate after the company reported first-quarter adjusted earnings of CAD 0.91 per share compared with CAD 0.78 in the same year-ago period. The company reaffirmed its 4%-6% annual dividend growth outlook through 2027, in line with our estimates.

Fortis manages regulated electric and gas utilities and independent transmission assets across North America. Acquisitions have made Fortis predominantly a U.S. utility.

We are maintaining our CAD 57 fair value estimate after Fortis reported full-year adjusted earnings per share of CAD 2.78 compared with CAD 2.59 in the year-ago period. Management reaffirmed its 4%-6% annual dividend growth outlook through 2027, in line with our estimates. Our narrow economic moat and stable moat trend ratings are unchanged.

Fortis manages regulated electric and gas utilities and independent transmission assets across North America. Acquisitions have made Fortis predominantly a U.S. utility, with over half of rate base at its U.S. operations.

We are maintaining our CAD 57 per-share fair value estimate after Fortis reported third-quarter adjusted earnings of CAD 0.71 per share compared with CAD 0.64 in the same year-ago period. The company initiated a 4% to 6% dividend growth outlook through 2027, in line with our estimates. A 19% drop in Fortis' stock price since early May leaves the stock trading at an 8% discount to our fair value estimate as of Oct. 28. Our narrow economic moat and stable moat trend ratings remain unchanged.

We are reaffirming our fair value estimates for U.S. utilities after raising our 10-year annual U.S. electricity demand growth forecast to 1.4%, up from 1.2% in our previous forecast two years ago. We also are reaffirming our economic moat and moat trend ratings for all U.S. utilities.

Our initial analysis of the U.S. Inflation Reduction Act that President Joe Biden plans to sign on Aug. 16 has led us to reaffirm or make slight increases to our fair value estimates for U.S. utilities. We are reaffirming our moat and moat trend ratings.

Fortis manages regulated electric and gas utilities and independent transmission assets across North America. Acquisitions have made Fortis predominantly a U.S. utility, with over half of rate base at its U.S. operations.

We are maintaining our CAD 56 per share fair value estimate after Fortis reported second-quarter adjusted earnings of CAD 0.57 per share compared with CAD 0.55 in the same year-ago period. Our narrow economic moat and stable moat trend ratings are also unchanged.